Nikhil Malankar-led GameEon Studios raises $320K funding led by Mumbai Angels

Mumbai-based game developing startup GameEon Studios today announced it has raised $320,000 in a funding round led by early-stage venture investment firm Mumbai Angels Network.

According to the statement, GameEon Studios will be utilizing the raised capital to further strengthen its publishing model by establishing a strong distribution network for their mobile-based games while also hiring senior-level talent to ensure their upcoming PC game meets international standards.

Founded in 2013 by Nikhil Malankar, GameEon Studios is currently working on an open-world game based in Mumbai titled 'Mumbai Gullies'. Apart from this, Nikhil Malankar is also a YouTuber and has a strong social media presence, which he leverages to fuel the growth of the startup.

Since its inception, the gaming startup has developed more than 150 games that include a mix of their own games and those built for clients. According to Nikhil, the funding will also be utilized for further developments in Mumbai Gullies game.

"We firmly believe that we are building a revolutionary gaming company which is still at a nascent stage. We have positioned ourselves accurately from the very beginning to ensure maximum growth in the upcoming years, Nikhil Malankar, Founder of GameEon Studios said.

"Also, the entire journey of GameEon will be documented on my personal YouTube channel, making it a special one for the entire team. In fact, our journey can even be addressed as an ‘open-source journey’ since YouTube allows one to leverage their personal social media reach to extend to their audience.”

“We have an excellent relationship with our existing distributors for games and we are thrilled to have a marquee investor such as Mumbai Angels Network backing us in our journey."

He further said that the startup will be tapping into both the domestic as well as international markets and reach an extended user base. "The core idea is to create a robust revenue stream that will support the development costs that will be incurred for the creation of our high-quality games," he adds.

According to Nandini Mansinghka, Co-Founder & CEO - Mumbai Angels Network, the Indian gaming industry has been growing at a CAGR of 18.6% and is estimated to reach USD 2 billion by 2023. There has been a massive spike in the consumption of gaming content in recent times which has led to the industry gaining immense traction.

"We have seen the kind of revolutionary changes that GameEon is bringing to the industry. This funding is a testament to the same and we believe it will allow them to further scale and introduce innovative games in the country’s gaming sector," she adds.

“The potential in the Indian gaming industry is unparalleled and is yet to be explored. GameEon's vision and product align with global standards, which will give the company a good head start in the Indian market.”, said Jatin Aneja, National Project Head at Shardul Amarchand Mangaldas & Co. and Deal lead for GameEon.

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