Mumbai-based gaming platform GameEon Studios on Thursday announced to have raised $320,000 funding from Mumbai Angels Network.
“At GameEon Studios, 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. 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. With this funding, we 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,” said Nikhil Malankar, founder, GameEon Studios.
The company will be utilizing the fresh 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.
“India’s gaming industry has been growing at a CAGR of 18.6 per cent and is estimated to reach $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,” stated Nandini Mansinghka, co-Founder and chief executive officer, Mumbai Angels Network.
The platform also recently announced that they are currently working on an open-world game based in Mumbai titled ‘Mumbai Gullies’.
“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,” added Jatin Aneja, national project head, Shardul Amarchand Mangaldas & Co.
Founded in 2013, GameEon Studios has a growing user base. Having developed more than 150 games that include a mix of their own games and those built to specifications for clients, GameEon Studios has the advantage of leveraging their extensive development expertise to create a sound business model, the company shared.