IDG Ventures India and SoftBank’s Bodhi Investment LLC, managed by SoftBank China & India Holdings announced today their joint Series A investment in Kreeda Games, India’s leading online multiplayer games company.  This investment marks a key milestone for the Indian online games industry – both IDG and SoftBank are considered domain experts in online games in emerging markets having previously invested in market leaders such as IDG’s Vinagames in Vietnam.  As part of the investment, Manik Arora from IDG Ventures India and Anil Viakara from SoftBank’s Bodhi will join the company’s Board of Directors.

Kreeda’s founding management team comprises of seasoned digital media professionals from around the world that bring together experience from the fields of animation, technology and online game operations.  The company is led by CEO Quentin Staes-Polet. He was IBM’s Media and Entertainment Practice Leader for Asia Pacific Media and Entertainment. As Asia Pacific head consultant for on-line games, M&E and triple play, he has helped clients across the region set their business strategies. Before joining IBM he also spent 10 years in the music industry across Asia. His experience and knowledge in marketing and sales of consumer goods and online services adds to his passion for online games as a business and as an agent for social change. Other core team members include Chief Games Officer Ramesh Anumukonda, an early pioneer in game production and animation in India, and Chief Technology Officer Robin Alter, a digital media technology architecture expert from the US. 

Mr. Staes-Polet said “After having the good fortune of receiving multiple VC offers, we are pleased to have chosen IDG Ventures and SoftBank given their experience in building Internet and Games companies globally.  Further, Anil Viakra from SoftBank and Manik Arora from IDG have built start-up companies themselves and we value such experience on our Board. The online game industry though nascent in India is on the edge of becoming one of the largest markets globally. With firm backing from our global fund partners, Kreeda Games is set to create revolution in the Indian online game industry.”

Online multiplayer games are played on the Internet simultaneously by thousands of people in virtual worlds.  The market for these games is over US $ 4 Billion globally and growing at a rapid pace. In India, the market is nascent with only a few companies today targeting a Rs 20 Crore market but expected to grow to Rs. 850 Crore by 2010, according to NASSCOM. 

Both investors have been studying the global online games market in India and believe Kreeda has the right ingredients to become a market leader in India. Manik Arora, Managing Director of IDG Ventures India said, “We are impressed with the management team at Kreeda and the leadership of Quentin States Polet. The team bring a unique mix of global and India experience, complimentary skills in marketing, technology and operations and have a genuine passion for online games”.

Kreeda’s initial approach is to license successful game titles from around the world and bring them to India.  The international games will be localized to appeal to the unique tastes of Indian game players employing local audio, video and cultural elements.  Anil Viakara, Managing Partner at SoftBank’s Bodhi said “Kreeda’s strong knowledge of the local market allows them to select appropriate foreign games for India and their capability in localization is unparalleled.  Further, the strong relationships the company has built in the games ecosystem in India in a short period of time gives us significant confidence in the company.” 

Kreeda believes that people, communities, education, technology and art all converge in online games and will make it one of the most exciting industries in the new digital Indian economy.

Sourced From: Coffee Communication Solutions