Indian Angel Network today announced undisclosed investment in HashCube, a Bangalore based social gaming company. IAN investors including Sharad Sharma, RajanAnandan and Hemant Kanakia have invested in the company.
HashCube makes popular puzzle games like Sudoku Battle and Sudoku Quest on social networking sites and mobile platforms. The company has been founded by Deepan Chakravarthy and Ramprasad Rajendran. The duo has known each other for more than a decade and their common interest in gaming led them to launch their own business proposition which brought them together professionally.
HashCube has over 2 million users. The funds will be used for promoting the games, improving the existing games by adding new exciting features to them, and building a portfolio of new games.
Mr Sharad Sharma, an IAN member who joins the HashCube board said, “India will produce several social gaming players in the years to come. Hashcube has the potential to be one of the big winners. Deepan and Ram have developed a deep understanding of the business model. We were also impressed by their passion for relentless improvements in their games.”
Karthik Reddy, Managing Partner, Blume Ventures who has co-invested with IAN in HashCube said, “We are confident that HashCube will set new benchmarks in the online gaming space with the introduction of its new and innovative products. Blume and IAN’s co investment has been seamless for Hashcube and the entrepreneurs. We are enthused with the depth, pace and professionalism that IAN has brought in the process. ” Blume Ventures is an angel and seed venture fund that backs startups with funding as well as mentoring and support.
The Indian Angel Network has over 200 members and has funded over 35 start-ups across multiple sectors like IT, Mobile, Healthcare and Education, across India and overseas and has made several successful exits. In 2011 alone, IAN invested over US$ 8 million in 11 start ups making it almost a deal a month.
Check out Hashcubes.