Posted: 9:30 PM PDT · October 28, 2024
Key Takeaways
- Seoul-based IMM Investment has backed Krafton’s Indian arm as an anchor limited partner in their first India fund.
- The investment will help Krafton tap newer business categories and sectors in the country.
- This is the third venture firm that Krafton has backed in India, after 3one4 Capital and Lumikai.
IMM Investment Marks First Close of India Fund
Seoul-based IMM Investment has marked the first close of their India fund with a significant investment from Krafton’s Indian arm. As an early backer of Krafton and investor in roughly half of South Korea’s unicorns, IMM Investment is well-positioned to capitalize on the growing startup ecosystem in India.
IMM Investment’s India Fund Structure
The India fund will be managed by former Legend Capital partner Prakhar Khanduja, who has extensive experience in investing in startups. The fund will focus on backing startups at the Series A stage or later, operating in sectors such as consumer, tech, SaaS, fintech, gaming, media, and deep tech.
Krafton’s Investment Strategy in India
Nihansh Bhat, lead of corporate development for Krafton India, highlighted the significance of IMM’s investment in their Indian arm. He stated that the partnership will enable Krafton to tap newer business categories and sectors in the country. This aligns with Krafton’s overall strategy of expanding its presence in India through strategic investments.
Krafton’s Previous Investments in India
This is the third venture firm that Krafton has backed in India, after 3one4 Capital and Lumikai. The gaming company has invested over $170 million in the country and has earmarked another $150 million for investment. This significant commitment to the Indian market underscores Krafton’s confidence in the region’s growth potential.
IMM Investment’s First Investment in Sugar
The Indian unit of IMM Investment has already made its first investment in Sugar, a leading cosmetics brand. This marks the beginning of their investment activities in India and demonstrates their focus on backing high-growth startups.
Krafton’s Future Plans in India
While Krafton continues to invest in the Indian market through various channels, including IMM Investment, Bhat emphasized that the company will remain committed to its strategy of expanding into newer business categories and sectors. This approach is likely to yield significant returns for the gaming company as it navigates the evolving startup landscape in India.
The Rise of Venture Firms in India
With Krafton backing IMM Investment’s first India fund, the Indian venture capital ecosystem continues to grow. The involvement of prominent investors like Krafton and IMM Investment is expected to catalyze further growth in the market, providing more opportunities for startups to secure funding.
Conclusion
Krafton’s investment in IMM Investment’s first India fund signifies a significant milestone in the gaming company’s expansion into the Indian market. As one of the largest gaming companies globally, Krafton is well-positioned to capitalize on the growing demand for gaming and esports content in India. With this partnership, Krafton aims to tap newer business categories and sectors, solidifying its position as a leader in the Indian gaming industry.
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