Giga Fun Studios, based in Bengaluru, has raised $2.4 million in a seed round led by interactive media-focused fund Lumikai, with participation from Fireside Ventures.
According to a statement, All In Capital, Kettleborough VC, and Riverwalk Holdings also participated in the round. Krishnendu Mukherjee (former MPL and Zynga executive), Rahul Daga (former Zynga and m56 Studios executive), and Rahul Shekhar founded the company (former m56 Studios). Giga Fun’s founders have collectively shipped and operated over ten games.
The new funds will be used to set a new standard in casual games for Indian and global audiences. Lumikai’s investment in Giga Fun is consistent with the company’s long-term strategy of focusing on the domestic gaming market.
Web 3.0, also known as Web3, is the most recent version of the World Wide Web that includes features such as token-based economics, blockchain technology, and decentralisation. According to Lumikai’s new report, State of India Gaming FY22, the Indian gaming industry is on track to raise $513 million (roughly Rs 4,000 crore) by the end of this calendar year.
The sector has seen a 380 per cent increase in funding since 2019 and a 23 per cent increase in 2020. According to the report, which surveyed 2,240 respondents, third-party data providers, industry leaders, and Lumikai’s proprietary insights, Web3 has emerged as the most popular technology in games, with 30 per cent of the 450 Indian Web3 firms operating in gaming. In 2019-22, the space has been allocated $400 million.
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