The company will be utilizing the fresh capital to further strengthen its publishing model by establishing a strong distribution network for their mobile-based games while also hiring senior-level talent to ensure their upcoming PC game meets international standards
Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, has invested USD 320,000 in GameEon Studios, one of the newest entrants in the fast-growing gaming space. The company will be utilizing the fresh capital to further strengthen its publishing model by establishing a strong distribution network for their mobile-based games while also hiring senior-level talent to ensure their upcoming PC game meets international standards. GameEon also recently announced that they are currently working on an open-world game based in Mumbai titled ‘Mumbai Gullies’.
Nikhil Malankar, Founder of GameEon Studios said, “At GameEon Studios, we firmly believe that 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. In fact, our journey can even be addressed as an ‘open-source journey’ since YouTube allows one to leverage their personal social media reach to extend to their audience.”
He further 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 as well as international markets and reach an extended user base. The core idea is to create a robust revenue stream that will support the development costs that will be incurred for the creation of our high-quality games.”
“India’s gaming industry has been growing at a CAGR of 18.6% and is estimated to reach USD 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. This funding is a testament to the same and we believe it will allow them to further scale and introduce innovative games in the country’s gaming sector”, said Ms. Nandini Mansinghka, Co-Founder & 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
Founded in 2013, GameEon Studios has 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 that include a mix of their own games and those built to specifications for clients, GameEon Studios has the unique advantage of leveraging their extensive development expertise to create a sound business model. GameEon Studios is creating a story-based game that would feature graphics and gameplay that match the International standards while bringing out the city of Mumbai to the forefront of interest for the gaming audience
Source: Business World
