Gaming and esports platform GamingMonk has raised ₹70 lakhs ($100,000) as a strategic investment from Japanese gaming media GameWith. The strategic partnership is expected to build on synergies, support and collaboration for the Indian gaming industry. GamingMonk raised a seed round last year from Incubate Fund, Rajan Anandan, Stellaris Ventures, Smile Group, AdvantEdge Founders and Samir Khurana.
The funding is being used for product development, team building and brand marketing. GamingMonk has grown its user base by 500% in the last six months.
Takuya Imaizumi, CEO of GameWith, Inc., said, “The gaming industry in India has strong growth potential and GamingMonk, led by a strong management team, is well-positioned to further benefit from industry trends. We are excited about the company’s growth prospects and proud to have this opportunity to support the journey.”
GamingMonk is the largest community focused esports startup in India, setting its stronghold in media content, community and esports. The company’s vision has been to build an ecosystem for gamers through prize tournaments, gaming content and many other engagement programs. The company was founded in 2014 by Abhay Sharma and Ashwin Haryani.
Nao Murakami, General Partner, Incubate Fund India, adds, “We believe there is a big synergy between GameWith and GamingMonk. As GameWith is the No.1 gamers’ media and gamers’ community in Japan, GamingMonk would get a lot of valuable advice, support, and collaboration opportunities. We are really excited that GamingMonk’s growth would be accelerated by this investment.”
GamingMonk Entertainment Pvt Ltd is an esports gaming company based out of New Delhi, India. Launched in 2014, the company currently focuses on esports, gamer community and gaming media. The online platform was launched with an idea of bringing every gamer in India online and to help them compete, engage and socialise with each other. With a passion and commitment to providing the best gaming experience, GamingMonk strives to create a community for gamers.
“There are exciting times ahead for the gamers in India. GameWith brings a lot on board with their experience and leading position in the Japanese market. Their insights will help us in building a better product for the Indian gaming market” said, Abhay Sharma, Co-founder, GamingMonk, commenting on the funding.
GameWith, Inc., listed on the Tokyo Stock Exchange and based in Tokyo, operates a media business, offering game guides, game reviews, community function, and video streaming. GameWith, Inc. which was established in June 2013 acts as an intermediary between players and game companies by commercialising their needs. By providing articles and functions for playing games, the company attracts users and provides sponsors with advertisement slots to earn revenue. The corporate philosophy is to create a more enjoyable gaming experience by satisfying the desires of both users and the industry.
“We are very excited about the GameWith-GamingMonk collaboration and are very sure that soon the Indian gamers will experience something big like never before! The Indian Gaming Industry is still at its infancy stage and needs the expertise of stalwarts like GameWith to flourish at its best and with this partnership, we are very hopeful to change the experience of our gamers as well the perceptions of non-gamers”, added Ashwin Haryani, Co-founder, GamingMonk.
The online gaming industry in India is expected to generate a revenue of Rs. 11,900 Cr by FY 2023. The number of gamers has crossed 250 mn (Expected to reach 628 mn by 2020) from 25mn in 2010, according to a report by consulting major KPMG and industry’s self-regulatory body, Indian Federation of Sports Gaming.