[Funding alert] Mumbai Angels Network invests $320K in gaming platform GameEon Studios
Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, Thursday said it invested $320,000 in GameEon Studios, one of the newest entrants in the fast-growing gaming space.
The startup will utilise the capital to strengthen its publishing model by establishing a strong distribution network for its mobile-based games. It plans to hire senior-level talent to ensure its upcoming PC game meets international standards.
Nikhil Malankar, Founder of GameEon Studios, said,
“At GameEon Studios, we firmly believe we are building a revolutionary gaming company, which is still at a nascent stage. We have positioned ourselves accurately from the very beginning to ensure maximum growth in the upcoming years. Also, the entire journey of GameEon will be documented on my personal YouTube channel, making it a special one for the entire team.”
He added, “We have an excellent relationship with our existing distributors for games, and we are thrilled to have a marquee investor such as Mumbai Angels Network backing us in our journey. With this funding, we will be tapping into both the domestic and international markets and reach an extended user base. The core idea is to create a robust revenue stream that will support the development costs incurred for the creation of our high-quality games.”
Founded in 2013, GameEon Studios claims to have a rapidly growing user base. Being a popular game development YouTuber, Nikhil Malankar, the founder of GameEon, also has a strong social media presence, which he leverages to build the company further.
Having developed 150+ games — including a mix of its own games and those built to specifications for clients — GameEon Studios has the advantage of leveraging its extensive development expertise to create a sound business model.
Recently, GameEon announced it is working on an open-world game based in Mumbai, titled ‘Mumbai Gullies’, which would feature graphics and gameplay that match the international standards.
“India’s gaming industry has been growing at a CAGR of 18.6 percent and is estimated to reach $2 billion by 2023. There has been a massive spike in the consumption of gaming content in recent times, which has led to the industry gaining immense traction. We have seen the kind of revolutionary changes that GameEon is bringing to the industry,” said Nandini Mansinghka, Co-founder and CEO, Mumbai Angels Network.
“The potential in the Indian gaming industry is unparalleled and is yet to be explored. GameEon's vision and product align with global standards, which will give the company a good head start in the Indian market,” said Jatin Aneja, National Project Head at Shardul Amarchand Mangaldas & Co., and Deal Lead for GameEon.
Edited by Suman Singh