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South Korea-based PUBG and BGMI maker KRAFTON has announced its commitment to invest $150 million in India over the next two to three years with the aim of fueling holistic growth of the Indian gaming and startup ecosystem.
The gaming company, which made its first investment in March 2021, invested approximately $140 million in 11 Indian startups.
Krafton, apart from developing games for PC and mobile users, invests in different sectors, including, Esports, multimedia entertainment, content creation and audio platforms.
Recently, The company said it will focus on growing the creator economy and deep tech startups.
Sean Hyunil Sohn, India CEO of KRAFTON said that the company is committed towards the growth of the Indian startup ecosystem and is also focusing on sectors apart from the gaming and tech sector.
Nihansh Bhat – Corporate Development & Venture Investing Lead – India & MENA, KRAFTON, Inc., said, “Our strategic investments are carefully chosen to align with our expertise and experience, empowering innovative ideas and startups to thrive. Since 2021, we have invested over $140 million in various startups and are thrilled by the progress our portfolio companies have made. Our investment momentum will continue as we seek to establish a dynamic and evolving portfolio across various segments in India.”
BGMI, PUBG, PUBG Mobile, NEW State, Thunder Tier One, and TERA, are some of Kratfon's portfolio games.
The development comes days after the Indian government introduced 28% GST on online gaming and casinos. Soon after, Several industry players like Ashneer Grover, started criticising the move taken by the government. In response to huge industry protests, the government said it would reconsider 28% GST after six months of its implementation.
Needless to say, the introduction of 28% GST would definitely hurt the revenue and growth of fantasy gaming players. Recently, It was reported that MPL has laid off close to 50% of its employees to cut costs and achieve profitability.
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