Bitkraft Ventures, a US-based early-stage investor focused on gaming and interactive media, has hired industry veteran Anuj Tandon as its first partner in India to help establish its presence in the country.
The appointment is the latest sign of rising global investor interest in one of the world's fastest-growing gaming markets.
Tandon will seek to invest in Indian gaming and interactive media companies, focusing on artificial intelligence, games technology and content.
"Bitkraft is globally known to be a seed/Series A investor but our platform also has an opportunities fund, our investment strategy for India will be customised to meet the market needs," Tandon told Moneycontrol.
Founded by former Electronic Sports League chief executive officer (CEO) and G2 Esports chairman Jens Hilgers, Bitkraft Ventures has over $1 billion in assets under management across six funds, including its most recent $275 million fundraise in April.
The firm has more than 130 companies across the world in its portfolio.
Indian startups in its portfolio include mobile game development studio Lila Games, mobile gaming platform Gamezop and social investment platform StockGro.
"We have made several investments in India already but our ambition is to increase our activity and capital deployment in the country visibly going forward,” Hilgers said. “This is where Anuj’s experience and network in the Indian games and entertainment industry is crucial to us and our ability to identify and partner with the most outstanding entrepreneurs in India.”
An expansive game sheet
Tandon has nearly 15 years of experience as a gaming entrepreneur, executive, and investor in India.
Most recently, he served as the CEO of JetSynthesys' gaming unit, a digital entertainment and technology firm where he managed all its gaming assets. He left the company in November after a two-year stint.
Before JetSynthesys, Tandon was the head of corporate development for the India and MENA (Middle East and North Africa) regions at South Korean gaming giant Krafton. He developed the company's strategy for these markets, besides building an investment portfolio of local video game, esports and entertainment startups.
In his two years at Krafton, Tandon led investments of more than $135 million in startups including mobile game development studios Nautilus Mobile and Lila Games, audio content platform Kuku FM, esports firm Nodwin Gaming, Indian-language storytelling platform Pratilipi and audio romance and friend discovery startup FRND.
Before Krafton, Tandon was the India CEO of Chinese video games firm Yoozoo Games for over four years. He also had a year-long stint at Nazara Technologies, where he helped build their mobile gaming publishing business.
Tandon co-founded gaming studio Rolocule Games in 2010 and exited the firm in 2015. The gaming studio was later acquired by Dream Sports, the parent firm of fantasy sports major Dream11, in August 2021.
India presents many exciting economic opportunities and there is a lot of untapped potential waiting to be discovered. “Bitkraft sees India's potential and, with my support, is committed to supporting our games and interactive media industry leaders with early-stage funding and there will be a significant increase in deal activity in the coming years," Tandon told Moneycontrol.
India an emerging gaming hub
Bitkraft Ventures is the latest international gaming investor aiming to capitalise on India’s rising potential as a global gaming hub.
In August 2023, Japanese mobile entertainment company Mixi launched a $50-million corporate venture capital fund dedicated to the Indian market.
Krafton has committed an investment corpus of about $290 million into Indian gaming and interactive entertainment startups over the next two to three years.
Tandon said India's economy is seeing "explosive growth" with a growing middle class which has disposable income, positioning the country competitively on the global stage.
India saw its paid gamer base surge to 148 million in FY24, a report by Lumikai, a gaming and interactive media venture fund, said. The average revenue per paying user (ARPPU) also rose 15 percent to $22 in FY24 from the previous year, the report added.
The country's gaming industry generated a revenue of $3.8 billion in FY24, a 22.6 percent growth from the previous year. It is projected to surpass $9.2 billion by FY29, growing at a 20 percent CAGR over the next five years, the report said.
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