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Inside KRAFTON's gaming incubator; What defines a fintech’s success

KRAFTON India has launched its inaugural cohort under KRAFTON India Gaming Incubator. Fintech startups are in the middle of turbulent times after the RBI cracked down on Paytm Payments Bank. 2023 was a year of continued moderation as total VC funding stood at $9.6 billion.

Inside KRAFTON's gaming incubator; What defines a fintech’s success

Friday March 15, 2024 , 5 min Read

Hello,

India’s economy is set to boom, says Fitch Ratings. 

On Thursday, Fitch raised its forecast for India's economic growth to 7% for the next fiscal year starting April 1, 2024 on the back of strong domestic demand and sustained level of business and consumer confidence. 

It raised its 2024 global GDP growth forecast by 0.3 percentage points to 2.4%, as near-term global growth prospects have improved.

Meanwhile, a day before the RBI’s directive for Paytm Payments Bank comes into effect, One97 Communications Ltd, the parent company of Paytm, received the approval of the NPCI to become a third-party UPI app provider under the multi-bank model. 

Also, media reports suggested that Paytm plans to cut close to 20% of staff at its banking unit Paytm Payments Bank in certain divisions, including operations, amid uncertainty over the unit's future.

In other news, the government has blocked 18 OTT platforms operating in India on the charge of publishing vulgar, obscene, or, in some cases, pornographic content. 

ICYMI: UNESCO’s cultural heritage list has a new entrant—the Berlin techno scene! 

The international body considers the techno culture in Germany’s capital a “valuable sector worthy of protection.”

In today’s newsletter, we will talk about 

  • Krafton launches gaming incubator cohort
  • What defines a fintech’s success
  • How VC funding shifted focus in 2023 

Here’s your trivia for today: What is the name of the only sea in the world without a coastline?


Gaming

KRAFTON launches gaming incubator cohort

South Korean game developer KRAFTON's India arm, KRAFTON India, has launched its inaugural cohort under KRAFTON India Gaming Incubator (KIGI). The incubator aims to give local talent in India mentorship, guidance, and help to build quality game titles. 

"Since the gaming industry [in India] is still maturing, we feel that with this incubation programme, we will be able to uplift the overall ecosystem and bring out...several successful games from India," said Anuj Sahani, Head of KRAFTON Incubator Programme and Advisor for India Publishing Department, KRAFTON India.

Shaping gaming:

  • Companies incubated under KIGI will receive mentoring for six months to a year and a grant ranging between $50,000 and $150,000.
  • Under KIGI, the company has incubated two companies till now—Nagaland-based ReDimmension Games and Bengaluru-based Shura Games.
  • When it comes to backing companies, Sahani said there are no limitations in terms of platform (mobile, PC, or console) or type of game with the exception of real-money gaming and betting.
Online Gaming

Online Gaming


Funding Alert

Startup: HiLabs

Amount: $39M

Round: Series B

Startup: KITES Senior Care

Amount: $7.8M

Round: Series A

Startup: Freed

Amount: $7.5M

Round: Series A


TechSparks

What defines a fintech’s success

Fintech startups are in the middle of turbulent times after the RBI cracked down on Paytm Payments Bank last month, sending shockwaves across the industry. According to Kumar Amit, Co-founder and COO of escrow services firm Castler, good governance will define the success of a fintech and help it sustain a long-term play.

"Only businesses that talk about good governance and responsible execution will survive," he said at TechSparks Mumbai 2024.

On innovation:

  • Technology adoption for financial products must be inclusive and equitable and must factor in rural India, Rajesh Mirjankar, Managing Director and CEO of Kiya.ai, said.
  • “Leveraging technologies like digital public infrastructure, proprietary technology or emerging themes like AI could help bolster premiumisation and personalisation," as per Vinay Sathyanarayan, Vice President of Products of Perfios.
  • Harshad Satam, Head of ISVs at Google Cloud India, highlighted that improving customer experience should be a priority for fintechs. "This is how firms can earn higher revenue and boost growth."
banking fintech


Report

How VC funding shifted focus in 2023

In its India Venture Capital Report 2024 report, Bain & Company and IVCA said factors such as consumption headroom, fiscal and monetary discipline, geopolitical positioning, and digital infrastructure will continue to fuel optimism among investors in the long term.

According to the report, 2023 was a year of continued moderation as total VC funding stood at $9.6 billion as compared with $25.7 billion raised in 2022. Deal volumes also contracted by 45%

Trends: 

  • The segments of consumer tech, fintech and software/SaaS attracted 60% of the total funding in 2023.
  • Funding into GenAI rose from $15 million in 2022 to $250 million in 2023. The electric mobility segment garnered over $600 million in 2023.
  • According to the report, exits surged by almost 1.7X to reach $6.6 billion in 2023 as investors sought to provide liquidity to their limited partners.
VC funds India


News & updates

  • Buy out: Tata Group is considering buying Walt Disney Co.’s stake in Tata Play to give it full control of the subscription television broadcaster, Bloomberg reported. The companies are in preliminary talks about an acquisition of Disney’s significant minority stake, which would value Tata Play at about $1 billion or more.
  • Features: Instagram is working on a “Spins” feature for Reels, the company confirmed to TechCrunch. The feature, first spotted by reverse engineer Alessandro Paluzzi, would allow other users to swap out the text or audio in the Reels. Instagram says Spins is an internal prototype and isn’t being tested externally.
  • Outlook: Foxconn adopted a far more bullish outlook for this year, saying it expected a significant rise in revenue driven by booming demand for AI servers. The upbeat tone comes after a forecast-beating 33% jump in net profit for the fourth quarter. 


What is the name of the only sea in the world without a coastline?

Answer: Sargasso Sea. It is bound by four ocean currents.


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