Mumbai Angels Network said it has invested $320,000 in GameEon Studios, one of the newest entrants in the fast-growing gaming space. The company will utilise the fresh capital to further strengthen its publishing model by establishing a strong distribution network for its mobile-based games, while also hiring senior-level talent to ensure that its upcoming PC game meets international standards.
GameEon recently announced that they are currently working on an open-world game based in Mumbai titled ‘Mumbai Gullies’.
Nikhil Malankar, founder of GameEon Studios said, “We have positioned ourselves accurately from the very beginning to ensure maximum growth in the upcoming years.”
He further said, “With this funding, we will be tapping into both 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.”
India’s gaming industry has been growing at a CAGR of 18.6% 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. 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,” said Nandini Mansinghka, co-founder & CEO, Mumbai Angels Network.
Founded in 2013, GameEon Studios has developed more than 150 games that include a mix of their own games and those built to specifications for clients, GameEon Studios.