Mech Mocha, the Bengaluru-based mobile gaming startup is in the process of raising $10 million (around INR 72 crores) in its series B funding round. The gaming firm is looking to mark the first close of its funding round at $5-6 million, both from existing and new investors.
Earlier the startup raised INR 25 crores ($3.53 million) from Neoplux and Accel Partners. Neoplux is the private equity and venture capital arm of Doosan Corp. The same has been confirmed according to the company filings with RoC.
Several other investors including Akatsuki, Shunwei Capital and Blume Ventures will participate in the round. Mech Mocha will use the funds to develop HelloLudo, a digital version of the Indian game Ludo and other vernacular products in the Hindi language.
Founded by IITM Gwalior alumni Arpita Kapoor and Mohit Rangaraju in 2014, the startup focuses on creating various mobile games for the Indian audience and provide a seamless gaming experience to the next 500 million Indians.
Earlier the startup has created some of the popular games like Chhota Bheem Himalayan Game which was on the top of the free games section on Google Pay India. The firm has partnered with Halfbrick Studios, an Australian based firm to launch Jetpack Joyride for the Indian market.
Arpita Kapoor, CEO of Mech Mocha, said, “Since we are on an experimental mode and primarily build products for tier 2 and tier 3 centres, our current focus is more on user growth than revenues, a strategy which is also aligned with our stakeholders. Once we hit the targeted metrics, we will then focus on revenues.”
The gaming market in India is expected to touch $1 billion in the next three years. And mobile gaming will contribute around 90 per cent to the development. The rising penetration of smartphones and improved and cheaper internet connectivity will lead to the growth in mobile gaming by 2021.
Several firms like Nazara Technologies, Gaming Monk and Mobile Premier League are leveraging this huge opportunity ahead. Earlier this month, gaming startup MPL raised INR 36.5 crores in Series A round. Last month, GamingMonk, an esports startup raised INR 4 crores from several investors.