StartupTalky

Tag: Krafton

  • South Korea’s IMM Investment Has Secured an Anchor Investor for its Inaugural India Fund

    The massive South Korean gaming company Krafton hopes to increase its presence in India by assisting domestic investors in taking advantage of the country’s developing startup scene. The first of these investors is IMM Investment, a multi-asset investment company established in South Korea that manages assets under management (AUM) of around $7 billion in three segments: infrastructure, growth equity, and venture capital. In addition to Korean unicorn businesses Woowa Bros, Bucketplace, Musinsa, and Krafton itself, which is listed on the Korea Exchange, its portfolio also includes NYSE-listed Coupang.

    Krafton and IMM Investment’s Partnership

    IMM Investment and Krafton’s India division announced on October 29 that Krafton would be the anchor investor in IMM’s first India fund. However, the business didn’t reveal any particulars.

    An exciting new chapter in the company’s efforts to support India’s startup ecosystem has begun with Krafton India’s collaboration with IMM. According to Sean Hyunil Sohn, CEO of Krafton India, the company hopes to assist entrepreneurs in vital industries in growing and succeeding by bringing more South Korean capital, knowledge, and international viewpoints to the Indian market. This would ultimately improve India’s standing on the international scene.

    Additionally, he noted that this partnership supports the government’s Invest India drive, improves investor connections between South Korea and India, and speeds up the expansion of Indian businesses.

    Investment Plans

    The IMM India Fund will support entrepreneurs in industries like DeepTech, Software-as-a-Service (SaaS), Fintech, Gaming and Media, and Consumer Brands. Its primary focus will be on growth-stage businesses that exhibit significant IPO potential and stand to gain from connections to South Korean money and experience.

    It has made its initial investment in Sugar Cosmetics, a beauty and personal care brand based in Mumbai that was established in 2015 by Vineeta Singh (Shark Tank India fame) and her spouse Kaushik Mukherjee.

    IMM Investment’s current India investment lead, Prakhar Khanduja, disclosed that the fund had made a secondary investment of $3 million in Sugar Cosmetics. According to Khanduja, the fund closed for the first time in December of last year and would incorporate funds from the parent fund as well as several other limited partners (LPs). He did not, however, provide precise information about the fund’s size. By the end of the year, the fund intends to close another investment, he added.

    “For the upcoming year, secondary investments will be our primary focus. The secondary market contains some excellent assets. We’ll go primary as well if there’s a primary (investment opportunity) available,” Khanduja stated. According to Khanduja, the IMM India Fund would only support entrepreneurs and business plans that are either profitable, at least operationally, or approaching profitability.

    If a business is successful or on the verge of becoming so, the public market will at least experience some kind of liquidity event within the next three years. “Every time we enter a new market, we have focused on it, and we will continue to do so in India,” he said.

    KRAFTON Establishing R&D Centers in India
    Sean Hyunil Sohn, the CEO of KRAFTON’s India business, & the developer of PUBG and BGMI, plans to establish an R&D facility in India by year-end.
    StartupTalkyNitin Konde

  • R&D Center to Be Established in India by Krafton, Creator of PUBG and BGMI

    According to Sean Hyunil Sohn, the CEO of KRAFTON’s India business, the developer of PUBG and BGMI, plans to establish a research and development facility in India by the end of the year in order to create games that are reflective of Indian culture. The chief executive officer of KRAFTON India, Sohn, stated that while the specifics of the plant have not been decided upon yet, Bangalore and Pune are among the most attractive sites.

    “Whether we import them from abroad or develop them in-house, we will keep releasing games in the Indian market”.

    While speaking on the fringes of IDGS Gaming Conclave, he promised to “do our best” to establish a high-quality development team in India and create games inspired by Indian culture.

    India Being a Major Market for the Company

    In an earlier interview with a media agency, Sohn had said that India had one of the company’s top three user bases among its territories.

    Video games and other forms of digital entertainment are very popular in India.

    “I believe there is a shortage of supply of high-quality talent into the ecosystem, which has numerous causes, yet we have witnessed a very quick growth rate on an annual basis. People may not fully grasp gaming as a legitimate and serious job after learning just a brief overview of the industry’s history”.

    On top of that, he complained that the country’s basic information technology infrastructure for education was underfunded, despite its large and youthful population.

    How Gaming Industry Could Be the Game Changer?

    Promoting and changing public opinion about the gaming business is crucial because it has the potential to have a significant beneficial effect on the sector. The government ought to provide financial aid for schools.

    “Having spoken with several of the younger here, I get the impression that both the home and school environments suffer from a lack of necessary infrastructure. Obviously, I could be completely wrong about the state of education in India”.

    Sohn also clarified that the lack of appropriate hardware prevented them from pursuing their interest in learning to code and create video games.

    Despite the ease of access to knowledge and education in the modern day, he emphasised that the methods and reasoning behind them are equally important.

    KRAFTON intends to invest an extra $150 million in Indian businesses over the next two to three years, adding to the $160 million it has already invested in Indian entrepreneurs since 2021.

    The KRAFTON India Gaming Incubator program was established earlier this year by the company to assist talented Indian game creators. The initiative offers financing, mentorship, and other necessary tools to these developers.

    How did PUBG mobile India got Approved to Relaunch?
    The popular battle royale game PUBG has teased that it will be relaunching in India soon, but how did it got approved? Let’s find out
    StartupTalkyAlan Joseph