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Riding on more than 500 million gamers across mobile, PC and Cloud gaming platforms, <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s gaming market has likely reached $2.6 billion in revenue this year which is expected to quadruple to $8.6 billion by 2027, a new report showed on Thursday. The country now has about 120 million paid gaming users with at least $20 revenue per user, according to the report by <keyword id="10412751" type="General" weightage="20" keywordseo="Lumikai" source="Orion">Lumikai</keyword>, a gaming and interactive media venture capital fund. With 15 billion downloads, India was the world's largest consumer of mobile games in FY22. "India crossed half a billion gamers in FY22, up from 450 million the year prior. Industry growth is expected to be fuelled by a rapidly increasing gamer base, higher conversion to paid users, and increasing sophistication of Indian gamers," said Justin Shriram Keeling, Founding General Partner, Lumikai on the sidelines of the India Game Developers Conference (IGDC) Summit in Hyderabad. In FY22, mid-core games (like BGMI which is now banned and Free Fire) were the fastest growing gaming category, achieving growth of 32 per cent, grossing combined revenues of $550 million. According to the report, Nearly 48 per cent of gamers spend money on mid-core games and 65 per cent of paying gamers claim they have engaged in in-app purchases at least once. Indian gaming companies are on track to raise $513 million for the calendar year. Gaming sector funding is up 380 per cent from 2019 and up by 23 per cent from 2020. "Web3 emerged as an increasingly popular technology in games, with 30 per cent of 450 Indian Web3 companies operating in gaming. Web3 games in India have raised $400 million in funding (2019-22)," the findings showed. India-based content is growing in popularity with 80 per cent of gamers showing a proclivity to play games based on Indian intellectual property. "The number of female gamers in India is on the rise. Male: female ratio of surveyed gamers yielded a 60:40 ratio, equally split between metro and non-metro cities," the report noted. "The last 28 months have been watershed years in terms of attracting VC investment of over $2.6 billion in the Indian gaming landscape. This sustained momentum should further drive entrepreneurial ambition and innovation in the Indian gaming industry," said Salone Sehgal, Founding General Partner, Lumikai. Lumikai has so far backed nine gaming startups including Loco, Bombay Play, Elo Elo, Studio Sirah, Cloudfeather Games. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/shark-tank-season-2-is-here-but-popular-shark-ashneer-grover-is-missing-meet-the-new-shark/slidelist/95271549.cms">Shark Tank India S2 returns without Ashneer Grover, meet the new shark</a> <a href="https://www.businessinsider.in/finance/news/interest-rates-on-deposits-need-to-go-up-say-experts-as-share-of-fds-in-household-financial-assets-drops/articleshow/95275488.cms">Interest rates on deposits need to go up, say experts, as share of FDs in household financial assets drops</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-introduces-communities-with-up-to-5000-members/articleshow/95275053.cms">WhatsApp introduces Communities with support for up to 5,000 members – here’s how to use it</a>

With over half a billion gamers, India's gaming market reports $2.6 billion in revenue

<ul><li><keyword id="16032294" type="General" weightage="100" keywordseo="giga-fun-studios" source="Orion">Giga Fun Studios</keyword> will utilise the funds to create a new benchmark in casual games built to high quality for Indian and global audiences. </li><li>All In Capital, Kettleborough VC and Riverwalk Holdings also participated in this round. </li><li>An estimated 80% of gamers show a high proclivity to play games based on Indian IP. </li><li>With over 5 billion downloads, <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> is one of the largest download markets for casual games that include games like ‘<keyword id="6354619" type="General" weightage="80" keywordseo="candy-crush" source="Orion">Candy Crush</keyword>’.</li></ul>Bengaluru-based gaming startup Giga Fun Studios on Wednesday said it has raised $2.4 million in a seed round led by <keyword id="10412751" type="General" weightage="80" keywordseo="lumikai" source="Orion">Lumikai</keyword>, India’s gaming and interactive media focused VC fund, and consumer specialists <keyword id="2822035" type="General" weightage="80" keywordseo="fireside-ventures" source="Orion">Fireside Ventures</keyword>. All In Capital, Kettleborough VC and Riverwalk Holdings also participated in the funding round. Giga Fun Studios will utilise the funds to create a new benchmark in casual games built to high quality for Indian and global audiences. The company will be investing heavily on curating a stellar team as a hub for “best in India” casual game developers, the company said in a statement. “According to our recently released India State of Gaming 2022 report, 80% of gamers show a high proclivity to play games based on Indian IP. We believe that culture-themed casual games have the potential to unlock massive disruption in the gaming space in India,” Justin Shriram Keeling, founding general partner, Lumikai said. The startup was founded by Krishnendu <keyword id="6364914" type="General" weightage="80" keywordseo="mukherjee" source="Orion">Mukherjee</keyword>, <keyword id="3022112" type="General" weightage="50" keywordseo="rahul-daga" source="Orion">Rahul Daga</keyword> and <keyword id="16032295" type="General" weightage="50" keywordseo="rahul-shekhar" source="Orion">Rahul Shekhar</keyword>. “The core problem we mutually identified in India was that while current dominant casual games (such as Candy Crush) are very high in quality, they haven't been able to fully unlock an Indian player base due to a lack of cultural resonance. This is additionally visible in the lack of monetization participation of the Indian player. With over 5 billion downloads, India is one of the largest download markets for casual game,” said Mukherjee, co-founder and CEO at Giga Fun Studios. Giga Fun Studios aims to focus on designing games with geo accessibility across the full game stack, including simple but compelling game loops, customised UI/UX design for domestic gamers, accessible pricing, and distribution via third party app stores. The longer-term goal is to export the richness of Indian culture globally, the statement said. “Globally, gaming has already eclipsed movies &amp; music by ~3x and is one of the largest and fastest emerging sectors of digital consumption. This will serve the unmet needs of Indian consumers to drive a multi-billion dollar market opportunity over the next few years. High quality, deeply localised games built on proven game formats with the right in-app purchase driven monetisation are likely to be the first beneficiaries in the wave of gaming which is expected to be an over $8.5 billion market opportunity in India,” Shreyans Gangwal, vice president, Fireside Ventures said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/srk-woke-up-and-started-dancing-to-naatu-naatu-after-its-golden-globe-win-rajamouli-speechless/slidelist/96908447.cms">SRK ‘woke up and started dancing to Naatu Naatu’ after its Golden Globe win, Rajamouli speechless</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/live-ecommerce-startup-working-with-local-artisans-raises-6-million-in-seed-round-led-by-elevar-equity/articleshow/96909740.cms">Live ecommerce startup working with local artisans raises $6 million in seed round led by Elevar Equity</a>

Bengaluru-based gaming startup Giga Fun Studios raises $2.4 million in seed round led by Lumikai Fund & Fireside Ventures

<ul><li>Kae Capital, All-in Capital, Goodwater Capital etc participated in the round. </li><li>Targeted towards kids aged 4-12, <keyword id="517558" type="General" weightage="100" keywordseo="supernova" source="Orion">Supernova</keyword>’s live quizzes aim to cover subjects through interactive 30-minute sessions. </li><li>The online education market in India – which includes K12, higher education and lifelong learning or upskilling – is presently worth around <a href="https://economictimes.indiatimes.com/tech/technology/higher-education-lifelong-learning-to-drive-edtech-market-growth-says-redseer-report/articleshow/90475148.cms">$1.9 billion</a>. </li></ul>Supernova, an <keyword id="14007740" type="General" weightage="20" keywordseo="Indian-edtech" source="Orion">Indian edtech</keyword> startup, on Thursday said it had raised $1.1 million in a pre-seed funding round that was led by <keyword id="10412751" type="General" weightage="20" keywordseo="Lumikai" source="Orion">Lumikai</keyword>, an Indian gaming and interactive media venture capitalist. Other investors who participated in the round include Kae Capital, All In Capital, Goodwater Capital and prominent angel investors – Nandan Reddy and <keyword id="12193414" type="General" weightage="50" keywordseo="phani-kishan" source="Orion">Phani Kishan</keyword> - founders of Swiggy; <keyword id="225455" type="General" weightage="50" keywordseo="nitin-gupta" source="Orion">Nitin Gupta</keyword> - founder of PayU and Uni; Prashan Aggarwal - ex-CEO of Gaana; and Tanay Tayal - founder of Moonfrog labs. The funding comes at a time when Indian startups funding has hit a <a href="https://www.outlookindia.com/business/indian-startup-funding-hits-2-year-low-in-q3-of-2022-at-usd-2-7-billion-pwc-india-news-229677">two-year low</a> at $2.7 billion in Q3, according to PwC report Startup Deals Tracker-Q3 CY22. However, <a href="https://www.pwc.in/assets/pdfs/services/startups/start-up-perspectives-india-start-up-deals-tracker-q3-cy22.pdf">PwC</a> states “funding in the Indian edtech segment has shown a positive trend in Q3 CY22 compared to the previous quarter (in value terms).” Supernova was started by Anirudh, Nawin and Maharishi in 2021. Targeted towards kids aged 4-12, the edtech firm aims to redefine the current passive forms of learning by making learning more engaging and fun. Supernova makes live quizzes in interactive gaming formats on various subjects of CBSE for students from class 1 to class 8. Live quizzes, “Byte-Sized” lessons and worksheets on CBSE topics can be accessed on Supernova. “Today's kids are born into a world of smartphones and highly engaging digital experiences, so they look for the same levels of engagement from their learning experiences. As a result, education is undergoing a generational shift towards user-centricity,” Maharishi RB, co-founder, Supernova said. Their live quizzes aim to cover subjects through interactive 30-minute sessions. The online education market, which includes K12, higher education and lifelong learning or upskilling in India is presently worth around <a href="https://economictimes.indiatimes.com/tech/technology/higher-education-lifelong-learning-to-drive-edtech-market-growth-says-redseer-report/articleshow/90475148.cms">$1.9 billion</a>. “We believe that systems of play and gaming best practices have the potential to unlock massive disruption in edtech. Supernova is taking a first-principles approach to a massive opportunity with a new platform that re-imagines kids' education by leveraging the power of experiential, game-based “learning by doing”,” Justin Shriram Keeling, founding general partner, Lumikai Fund said. With the amount raised, Supernova will further develop and scale the product to incorporate multiplayer formats, strengthen its leadership team and deploy strategies that will amplify product lead user acquisition over the next 18 months. ”Traditional edtech models characterised by high customer acquisition costs, prohibitively expensive courses, and poor learning outcomes are unsustainable,” <keyword id="15254689" type="General" weightage="50" keywordseo="sunitha-viswanathan" source="Orion">Sunitha Viswanathan</keyword>, Partner, Kae Capital said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/soon-you-wont-be-able-to-fake-your-age-on-instagram/articleshow/94853597.cms">Soon, you won't be able to fake your age on Instagram</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/after-a-credit-card-apple-launches-savings-account-service-in-partnership-with-goldman-sachsheres-what-it-means/articleshow/94852629.cms">After a credit card, Apple launches savings account service in partnership with Goldman Sachs—here’s what it means</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/mindtrees-q2-net-profit-rises-7-9-sequentially-to-509-crore/articleshow/94838575.cms">Mindtree’s Q2 net profit rises 7.9% sequentially to ₹509 crore</a>

Indian edtech startup Supernova raises $1.1 million in pre-seed funding even as Indian startup funding hits a 2-year low

<ul><li><keyword id="3359665" type="General" weightage="20" keywordseo="redseer" source="Orion">Redseer</keyword> and <keyword id="10412751" type="General" weightage="20" keywordseo="lumikai" source="Orion">Lumikai</keyword> have launched a new report. </li><li>It states that all gaming segments saw growth in downloads spike during lockdown 1 while social games saw the strongest growth.</li></ul>Lumikai and Redseer have come up with a comprehensive report on the gaming space in India in their recent report titled “India Gaming Report 2021 by Lumikai and Redseer.” The report highlights: India’s gaming market is set to become $7 Bn in FY2026 (more than 3X of the market in FY2021) while in-app purchases are the fastest growing revenue streams of the market with an increasing number of paid users and their growing propensity to pay is driving the growth. Paid <keyword id="7131628" type="General" weightage="20" keywordseo="gamers-in-india" source="Orion">gamers in India</keyword> are set to become ~235 million in 2025, from 80 million gamers in 2020 which will drive the growth of <keyword id="12414034" type="General" weightage="20" keywordseo="paid-gamers" source="Orion">paid gamers</keyword>. <ol> <li>While real-money games are the largest source of revenue for the market, IAPs will grow faster for the next 5 years at 30-40% with the rise of paying users in Casual &amp; hyper-casual gaming.</li> <li>Further, Non-RMG gaming segments are expected to grow faster than the market growth rate, with <keyword id="2440542" type="General" weightage="20" keywordseo="esports" source="Orion">eSports</keyword> and Streaming are expected to grow at 40-45% CAGR for the next 5 years. </li> <li>An average gamer spends $16-a-year on gaming, and it takes ~1 week to start paying to play games</li></ol> Apart from the increasing maturity of gamers and their propensity to pay, gamers are embracing the trend of playing “India-first content” games. - 60%+ gamers are willing to play games with an Indian central theme or characters like from mythology or celebrities etc. “This is an exciting time for the gaming ecosystem in India. Access to gaming is democratized with increasing participation from Tier-2 cities and beyond, gamers are maturing in the way they play different gaming genres, and unprecedented growth in new-paying users (NPU) to drive the overall gaming market to become 3-times in the next 5 years. While real-money gaming (RMG) will continue to dominate the market, in-app purchases (IAP), virtual gifting, etc to become mainstream spend categories among paid gamers, and the revenue from IAP is expected to outgrow overall India’s gaming market growth rate,” said Mukesh Kumar, Engagement Manager at RedSeer. “This inaugural report represents the most in-depth analysis of India's gaming market ever undertaken, and the goal was to face the core assumptions on the true potential of the market. What has emerged is a picture of the market that already exceeds preconceived notions around size, growth, sophistication, and most importantly propensity to pay. India’s gaming market is due to 3x in value to over $7B by 2025, driven by a healthy diversity of monetization mechanics that indicate plenty of white spaces for new investment, and massive potential for a new generation of leaders across the gaming value chain. We’re excited to continue being at the forefront of India’s gaming investment landscape as the market matures and evolves to the next level.” said Justin Keeling, General Partner at Lumikai Fund.

Paid gamers in India are set to become ~235 million in 2025, from 80 million gamers in 2020: Report

Even as the Indian government has banned 138 betting apps, offshore betting and casino companies are finding new avenues to advertise their illegal wares to millions of unsuspecting Indians. These platforms continue to extensively use sports teams, personalities and industry sponsorships in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. The Ministry of Electronics and Information Technology (MEITY) banned 138 betting/gambling websites and apps under section 69(A) of the IT Act, as they "were engaging in illegal money laundering &amp; were posing threat to the financial security of our nation," In 2022, The Ministry of Information and Broadcasting had issued two advisories against advertisements of betting on digital media platforms and TV Channels. It had also warned against offshore betting platforms using news as a surrogate product and promoting betting in the garb of news. Football and Kabaddi are two sports that continue to see a lot of betting companies. Stake, an online casino, is the principal partner of the ISL teams Mumbai FC and Hyderabad FC. Parimatch is the main sponsor of the football team <keyword id="2521778" type="General" weightage="80" keywordseo="goa-fc" source="Orion">Goa FC</keyword>. The betting site, Dafa is a sponsor of the Kabaddi team Telugu Titans, while <keyword id="2293995" type="General" weightage="80" keywordseo="fairplay" source="Orion">Fairplay</keyword> is a partner of <keyword id="2455640" type="General" weightage="80" keywordseo="jaipur-pink-panther" source="Orion">Jaipur Pink Panther</keyword>. Bollywood star <keyword id="37518" type="General" weightage="80" keywordseo="nargis-fakhri" source="Orion">Nargis Fakhri</keyword> is the brand ambassador of Betway. The India Affiliate Summit, organised by IAMAI, has among its partners and sponsors, some of the biggest betting and casino companies including Parimatch and Rajabet. The India Affiliate Summit billed as the "largest performance marketing event in India" will be held in October 2023. Parimatch and Khelraja were among the esteemed speakers of the 2022 summit. IAMAI had recently stated that it is most suited to form the proposed self-regulatory organisation (SRO) for online gaming. In an interview given to Mint, the CEO of now-banned betting company Parimatch said that offshore betting companies do deposits of $ 1 billion every month or around INR one lakh crores per year. This makes the illegal betting and casino sector bigger than the legitimate online gaming industry. According to the State of India Gaming Report by Lumikai, the Indian gaming industry saw a revenue of just USD 2.6 billion in FY 2022. The Union Ministry of Electronics and Information Technology (MeitY) has recently released a draft of rules for online gaming companies and invited feedback from various stakeholders. IAMAI said that the rules "are right on intention, but poor on scoping." Four of India's biggest gaming companies had in a letter to MeITY said that IAMAI did not consult them before making the statement public. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/turkey-syria-quake-toll-reaches-over-4300/articleshow/97675299.cms">Turkey-Syria quake toll reaches over 4,300</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-10-paise-to-82-66-against-us-dollar-in-early-trade/articleshow/97678260.cms">Rupee gains 10 paise to 82.66 against US dollar in early trade</a>

Betting, casino companies find new advertising avenues despite govt ban

<ul><li>Studio Sirah plans on developing games that feature Indian mythological and historical content.</li><li>Its first title is ‘Kurukshetra: Ascension’, a card battler game.</li><li>The startup plans on bringing more such games with Indian content to the global audience.</li></ul>Bengaluru-based Studio Sirah plans to bring the Indian mythological world into gaming with its first title ‘Kurukshetra: Ascension’, a card battling game. To develop its first title, Studio Sirah raised $830,000 in a round of funding led by Lumikai, an Indian gaming-focused venture capital fund. The startup also plans on releasing more titles in the future that will be inspired by Indian mythologies and history. Studio Sirah was founded by two brothers, Prateek Shah and Abhaas Shah who grew up playing games such as Contra, Age of Empires, Civilization, and Hearthstone. The gaming studio was founded with an aim to bring games that feature Indian content for not just the Indian audience but the global community as well. Studio Sirah will focus on developing mid-core games which are games that have a hardcore theme but can be played in a short time. “We didn’t see any good Indian content that we would like to play as gamers. There are a lot of hypercasual and casual games, but these are not the games that appeal to us,” Abhaas Shah was quoted as saying by VentureBeat. Abhaas also highlighted how the Indian mythologies are still very popular in the country through TV shows. With its games, Studio Sirah hopes to bring a modernised version of these stories to gamers globally. The game Kurukshetra: Ascension will be the first title from Studio Sirah, and it will be a card battler based on the epics, the Mahabharata and the Ramayana. In these kinds of games, the central theme is card battling. “Earn hundreds of unique cards and outplay your opponents in thrilling online duels. Battle mythical monsters and ancient gods in a legendary campaign of ascension where your decisions determine the fate of the universe,” reads the game’s description on the website. The game will also feature fictionalised stories and characters with the focus on “strategic gameplay, immersive art, and a deep progression system.” It will also have heavy themes of philosophical and religious thought. Kurukshetra: Ascension will be available on both mobile and PC when it launches. It is available for pre-registration now on Studio Sirah’s official website. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/tim-cooks-last-major-product-launch-as-apple-ceo-could-be-ar-glasses/articleshow/85760766.cms" data-type="tilCustomLink">Apple CEO Tim Cook’s last major product launch could be AR glasses</a> <a href="https://www.businessinsider.in/tech/news/apple-is-expected-to-release-its-latest-flagship-iphone-13-series-in-september-/slidelist/85758235.cms" data-type="tilCustomLink">iPhone 13 series: Everything we know so far</a>

You Searched For "Lumikai" and got 6 results

With over half a billion gamers, India's gaming market reports $2.6 billion in revenue

IANS

Bengaluru-based gaming startup Giga Fun Studios raises $2.4 million in seed round led by Lumikai Fund & Fireside Ventures

Eetika Kapoor

Indian edtech startup Supernova raises $1.1 million in pre-seed funding even as Indian startup funding hits a 2-year low

Eetika Kapoor

Paid gamers in India are set to become ~235 million in 2025, from 80 million gamers in 2020: Report

BI India Partner

Betting, casino companies find new advertising avenues despite govt ban

IANS

Bengaluru based Studio Sirah raises $830,000 to develop India-first mobile games — ‘Kurukshetra: Ascension’ will be the first title

Marcia Sekhose

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