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News on Medial
India's Gaming Industry Tops Bollywood, Cricket in Revenue: Lumikai's Salone Sehgal
OutlookIndia
·
2m ago
Medial
India's gaming industry has reached $3.8 billion in revenue, surpassing both Bollywood and cricket. It is one of the fastest-growing sectors, with a compound annual growth rate of 20% and is projected to hit $9.2 billion by FY29. Gaming in India has transformed from a pastime to an industry creating jobs, esports, and professional athletes. The country is now the second-largest mobile gaming market globally, with significant data consumption by users.
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Indian gaming companies facing tougher challenges compared to China: Salone Sehgal of VC fund Lumikai
Economic Times
·
4m ago
Medial
Indian gaming companies face tougher challenges compared to China, says Salone Sehgal of Lumikai, a gaming-focused venture capital fund. Indian firms must compete with big tech in a less protected market, fostering capital efficiency and persistence. India's gaming sector is growing rapidly at 20% annually, unlike the saturated Western markets. The online gaming industry is projected to more than double, reaching $9.1 billion by 2029, promising significant returns for early investors.
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Decoding Lumikai’s Investment Playbook For India’s $30 Bn Gaming & Interactive Media Industry
Inc42
·
1y ago
Medial
Lumikai is a venture capital fund focused on gaming and interactive media in India. With a corpus of $40 million in its first fund and $50 million in its second fund, Lumikai has made investments in 15 companies, including All Star Games, AutoVRse, Bombay Play, and Loco. The gaming and interactive media market in India is growing rapidly, with a total worth of $25 billion and a CAGR of 20%. Lumikai's investment thesis focuses on early-stage startups and aims to find category-leading bets in the industry. The fund's portfolio companies are generating revenue and benefiting from the attention economy and multiple monetization avenues within the gaming and interactive media sector. The Indian government has also shown favorable regulations for the industry, recognizing eSports as a sport and creating tax laws specific to gaming and interactive media. Challenges for startups in this space include talent acquisition and user acquisition costs. Lumikai plans to continue investing in companies leveraging AI and targeting the Indian and global markets.
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Dream11 parent launches its first mobile game Dream Cricket 2024 in India
Money Control
·
1y ago
Medial
Dream Game Studios, owned by Dream11 parent company Dream Sports, has launched its first mobile game, Dream Cricket 2024, in India and Pakistan. The cricket game features realistic gameplay, voice commentary, and 3D graphics. It includes various game modes, including multiplayer matches, Dream Team, and a new World Cup mode where users can play as one of the 10 international teams and participate in tournaments. Dream Cricket 2024 also features the faces of current and former Indian cricket players and renowned international players. India's gaming market is growing rapidly, with revenue projected to reach $868 million by 2023.
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Mayhem Studios Bags Funding From Lumikai
Inc42
·
1y ago
Medial
Indian gaming studio Mayhem Studios has received an undisclosed investment from Lumikai, a gaming-focused venture capital firm. Mayhem Studios, a subsidiary of gaming unicorn Mobile Premier League, plans to use the funding to further develop its upcoming battle royale mobile game, Underworld Gang Wars. The investment will also support expanding the development team, accelerating game enhancements, and upgrading technological capabilities. This funding highlights Lumikai's commitment to supporting globally competitive games from India, amid increasing interest in the hardcore gaming sector.
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Nikhil Kamath, Ankit Nagori and Prashanth Prakash now Bengaluru franchise owners of e-cricket league
Economic Times
·
10m ago
Medial
- JetSynthesys has announced the sale of franchise teams for the second season of the Global e-Cricket Premier League (GEPL), with Nikhil Kamath, Ankit Nagori, and Prashanth Prakash becoming joint owners of the Bengaluru franchise team. - The GEPL, a digital entertainment and technology company, aims to enhance the gaming experience by selling teams to specific cities and engaging fans on a deeper level. - The first season of GEPL, held in December last year, saw eight teams competing in the Real Cricket video game created by JetSynthesys, reaching over 70 million viewers across multiple platforms. - Nikhil Kamath, co-founder of Zerodha, expressed excitement about fostering young talent and shaping the future of esports in India through the vibrant gaming industry. - With the goal of turning gaming into a significant contributor to India's GDP and a fulfilling career option, Ankit Nagori believes the partnership with JetSynthesys will help create opportunities for talented individuals. - The GEPL plans to build and nurture players, providing them with monthly salaries and the potential for brand endorsements as content creators, ultimately driving viewership and success in the e-cricket industry.
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Indian gaming market revenue may double to $6 billion by 2028: report
Economic Times
·
1y ago
Medial
India's mobile gaming market is experiencing rapid growth, with the annual revenue of the gaming industry set to double to $6 billion by 2028. The number of paying gamers is projected to reach 240 million by 2028, and the industry is comprised of over 1,400 gaming companies. The government's recognition of esports and state-led initiatives to develop talent are driving the growth of professional players in the country. Game downloads in India have surged from 5.65 billion in 2019 to 9.5 billion in 2023. Mobile gaming dominates the Indian market, accounting for 90% of revenue. The industry is expected to create 2.5 lakh new jobs in the next decade.
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Zerodha’s Nikhil Kamath says youth transitioning from cricket to digital, announces strategic gaming industry fund
Livemint
·
1y ago
Medial
Zerodha co-founder and CEO Nithin Kamath expressed his thoughts on how younger generations are increasingly shifting their interests from traditional sports like cricket to digital gaming. He observed how gaming has become the dominant form of entertainment among youth, highlighting the evolving landscape of the industry. Kamath also announced that applications for The Gaming Fund are now open, encouraging individuals involved in the gaming industry to register. This trend of gaming surpassing traditional sports is seen globally, driven by technological advancements and increased accessibility to gaming platforms.
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Harsha Bhogle backs cricket gaming startup Hitwicket
Entrackr
·
1y ago
Medial
Strategy-driven cricket gaming startup Hitwicket partners with cricket commentator Harsha Bhogle to enhance the cricket gaming experience of fans worldwide. Harsha Bhogle will play the role of a strategic investor and infuse his expert insights to craft cricket content with Hitwicket, merging his cricketing knowledge with the virtual world of mobile gaming. Founded in 2020 by Keerti Singh and Kashyap Reddy, Hitwicket is a cricket strategy gaming startup aiming to become a global cricket gaming brand from India. The Hyderabad-based startup had raised $3 million in its seed round from Prime Venture Partners in 2022. With over 5 million downloads globally, Hitwicket is a virtual world where every user plays the role of an owner, coach, and captain of a cricket team, ensuring enduring engagement. Harsha Bhogle’s involvement is expected to enhance Hitwicket’s global outreach to 50 million downloads within the next two years. The strategy-based cricket game is played in 109 countries around the world with the top four markets being India, the UK, USA, and Australia.
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Ranveer Singh joins forces with BGMI as official brand ambassador
Livemint
·
1y ago
Medial
Krafton, the company behind Battlegrounds Mobile India (BGMI), has announced a partnership with Bollywood actor Ranveer Singh. The collaboration aims to celebrate the essence of BGMI players through the Play Pure campaign. Ranveer Singh's charismatic persona aligns with the gaming community's spirit and authenticity. The campaign encourages BGMI players to embrace their uniqueness within the gaming world. Krafton India's CEO, Sean Hyunil Sohn, expressed excitement about the collaboration, while Ranveer Singh noted his affinity for gaming as an extension of his creative expression.
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E-sports to be the next big bet
Livemint
·
1y ago
Medial
Online sporting events, specifically e-sports, are becoming a lucrative revenue opportunity in India as the gaming sector gains popularity. With the second edition of Battlegrounds India Master Series (BGMS) and the ongoing Global e-Cricket Premier League (GEPL), e-sports events have seen substantial participation and significant prize money. Industry experts anticipate significant business opportunities for gaming firms over the next five years due to the large base of young users in India and the growing affordability of mobile phones and internet data. However, challenges such as limited spending propensity and a less mature domestic market persist.
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