Bengaluru-based mobile gaming studio Mayhem Studios raises funding from Lumikai

Bengaluru-based mobile gaming studio Mayhem Studios has raised an undisclosed amount in funding from Lumikai, a venture fund focused on gaming and interactive media. 

The startup plans to use the raised capital to scale operations, enhance game development, expand their team of developers, and improve technological capabilities. 

Previous funding

Last year, Mayhem Studios raised approximately $20 million from investors including Peak XV Partners (previously Sequoia India), Steadview Capital, Truecaller, and Hashed Emergent.

Mayhem Studios was launched by MPL in May 2022 with the aim of developing AAA mobile games for both domestic and global markets. 

AAA games are high-budget titles known for their complex gameplay and detailed storylines.

“Their (Lumikai's) extensive industry knowledge and expertise will be invaluable as we strive to elevate India's gaming industry on the global stage. Underworld Gang Wars is just the beginning of our ambitious vision to create world-class games that resonate with players worldwide," said Mayhem Studios' CEO Ojas Vipat.

Developing first title

Mayhem Studios is currently developing its first title, Underworld Gang Wars (UGW), a battle royale game deeply rooted in Indian culture. UGW features iconic Indian locations, distinctive characters, and culturally relevant elements, providing players with a unique and immersive experience.

The game includes two rival gangs, The Velvets and The Bhokal Toli, and players can choose from a variety of weapons, including traditional Indian weaponry, to compete in the battle royale.

Salone Sehgal, Founding General Partner at Lumikai, said, “Their (Mayhem Studios) vision for a truly Indian experience and building world-class gaming IPs out of India aligns perfectly with our belief in the potential of India's video gaming industry to captivate global audiences. We're excited to fuel their journey and bring a truly promising project to life."

Indian gaming market potential

India's gaming market is rapidly growing, with the battle royale genre currently dominated by games like Krafton's Battlegrounds Mobile India (BGMI) and Garena's Free Fire.

Other players in the market include Epic Games' Fortnite, Microsoft's Call of Duty, and Respawn Entertainment's Apex Legends.

Pune-based SuperGaming is also developing a made-in-India battle royale game called Indus, which is set to debut on multiple platforms later this year.

According to Niko Partners, India's gaming market is the fastest-growing in Asia, both in terms of revenue and gamers. The combined mobile, PC, and console gaming revenue is projected to reach $943 million in 2024 and surpass $1 billion in 2025.

By 2028, the market is expected to reach $1.4 billion, growing at a 5-year compound annual growth rate (CAGR) of 11.1%.