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KRAFTON receives full approval for BGMI in India
Startup News FYI
·
1y ago
Medial
South Korean gaming company KRAFTON has received full approval from the Indian government to operate its popular battle royale game, Battlegrounds Mobile India (BGMI), within the country. This comes after a rigorous three-month audit process aimed at addressing regulatory concerns. BGMI, one of India's top-grossing games, has faced regulatory challenges, but this approval is a significant milestone for KRAFTON. India's gaming market is growing rapidly, with the potential to reach $8.6 billion by FY27, making it an attractive opportunity for global gaming companies.
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Related News
After 3-Month Audit, KRAFTON Gets Full Approval To Operate BGMI In India
Inc42
·
1y ago
Medial
South Korean gaming company KRAFTON has received full approval from the Indian government to operate its game Battlegrounds Mobile India (BGMI) in the country. The approval comes after a three-month audit process, and BGMI will now undergo quarterly assessments to maintain approval. This development provides relief to KRAFTON, as BGMI faced regulatory issues in India. The approval comes ahead of the expiration of the three-month trial period granted by the Ministry of Electronics and Information Technology (MeitY) to KRAFTON for the India-only game in May.
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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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KRAFTON acquires majority stake in Nautilus Mobile for Rs 118 Cr
Entrackr
·
4m ago
Medial
KRAFTON, the company behind BATTLEGROUNDS MOBILE INDIA (BGMI), has acquired a controlling stake in Pune-based game studio Nautilus Mobile for Rs 118 crore ($13.7 million). This is KRAFTON’s first full-control deal in India. Nautilus Mobile is best known for its popular mobile cricket game, Real Cricket. JetSynthesys fully acquired the studio in 2020, and KRAFTON later invested Rs 40.5 crore in 2022. With this acquisition, KRAFTON aims to boost Indian game development and expand its presence in sports gaming. JetSynthesys will remain a minority investor and continue working with Nautilus, especially in Esports. KRAFTON India CEO Sean Hyunil Sohn said this deal will help India become a global gaming hub. Nautilus Mobile CEO Anuj Mankar said the partnership will help Real Cricket grow internationally. KRAFTON has invested over $200 million in Indian startups since 2021 and continues to support local game developers. With India’s growing love for cricket and gaming, this move strengthens KRAFTON’s position in the country’s gaming ecosystem.
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India gaming market to be more sizable, impactful; looking to invest, acquire: Krafton India CEO
Economic Times
·
4m ago
Medial
Krafton, the South Korean gaming company behind Battlegrounds Mobile India (BGMI), sees substantial growth potential in India's gaming market, driven by a young population and increasing smartphone adoption. Krafton plans to increase investments beyond the $200 million already allocated and is open to acquisitions in India. The company views India's mobile-first gaming culture as unique and promising, despite the market being relatively small globally. Krafton is optimistic about India's regulatory landscape and seeks partnerships with passionate game developers.
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BGMI hits record sales in 2024, fuels Krafton’s 35.7% YoY mobile revenue growth
YourStory
·
5m ago
Medial
Battlegrounds Mobile India (BGMI) achieved record sales in 2024, contributing to a 35.7% increase in Krafton Inc’s mobile revenue. BGMI now boasts over 200 million downloads, solidifying its role as India’s top battle royale game. Krafton’s overall 2024 earnings reached 2.71 trillion KRW, with a 54% rise in operating profit. CEO CH Kim outlined plans for future growth, including expanding the PUBG universe and new titles, aiming for significant revenue expansion.
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Seema Haider link sparks BGMI ban fears: Report
Livemint
·
1y ago
Medial
Battlegrounds Mobile India (BGMI), the Indian version of PUBG Mobile, is facing uncertainty as concerns about data transfers to Chinese-linked servers resurface. A senior official from the Indian government's cybersecurity division has recommended discontinuing the app due to fears of potential data misuse. The presence of a Pakistani national in India who allegedly connected with someone through BGMI has raised further concerns. BGMI's servers are currently located in the US, but the government wants to ensure data is not transferred elsewhere. Krafton, the company behind BGMI, will have a meeting with government representatives to address these concerns.
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BGMI Maker Krafton India Seeks Govt Support For Online Gaming
Inc42
·
1y ago
Medial
Krafton India CEO, Sean Hyunil Sohn, urged Indian government support for the gaming industry, citing labor cost subsidies in other countries. He emphasized India's gaming potential due to affordable internet and high mobile usage, with opportunities for growth. Sohn also discussed the GST Council's 28% tax on online game bets and the sizable market for games like BGMI. He noted Krafton's investment in Nodwin Gaming and the industry's substantial growth.
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Need for regulatory discipline in gaming sector: Loco founder Anirudh Pandita
Economic Times
·
1y ago
Medial
Anirudh Pandita, the founder of game streaming platform Loco, highlighted the need for regulatory discipline in the gaming sector. He mentioned that the suspension of PUBG had a positive impact on the segment, with other games now looking at India's proper structure for game releases. Pandita also praised BGMI-parent Krafton for its regulatory compliance and believes it has paved the way for other games to follow suit. Loco plans to expand its presence in the Middle East and Latin America.
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Paytm receives approval from NPCI to onboard new UPI users
Economic Times
·
9m ago
Medial
Paytm's parent company, One 97 Communications, has received approval from the National Payments Corporation of India (NPCI) to onboard new users onto its UPI platform. However, this approval is subject to Paytm adhering to all NPCI guidelines and circulars regarding risk management, brand guidelines, multi-bank regulations, TPAP market share, and customer data. The approval signifies a positive step forward for Paytm in expanding its user base and offering digital payment services.
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Startup news and updates: Daily roundup (September 16, 2024)
YourStory
·
10m ago
Medial
Venttup, a startup focused on Indigenisation Program Management, has raised seed funding from Unicorn India Ventures. The capital will be used to accelerate business growth and technology development. Venttup aims to unite manufacturing MSMEs on a single digital platform to transform India into a global manufacturing hub. Alpino, a healthy foods brand, has welcomed Bollywood actress Shilpa Shetty as its brand ambassador and key investor. The company raised $1.2 million in funding and plans to launch over 20 new products in the next two years. IIMA Ventures has launched Growth Accelerator 2.0 to support 15 SMEs and family businesses for strategic growth and innovation. Deepika Padukone, the renowned actress, has joined KRAFTON India as the brand ambassador for BGMI (BATTLEGROUNDS MOBILE INDIA). She will be featured as a playable character in the game.
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