(IANS) Venture capital Lumikai on Monday announced a new start-up venture capital fund that will support up to 20 start-up investments with check sizes between $ 200,000 (around Rs 1.4 crore) to 2 million dollars (almost Rs 15 crore).
Lumikai said he is actively seeking stealth-mode deals, with more than 140 interactive founders having already been met in the first half of this year.
With the first close recently completed, the fund plans to announce its first wave of investments in the third quarter.
Founded by Justin Shriram Keeling and Salone Sehgal, the Lumikai Fund aims to energize the next generation of India’s leading founders in terms of interactive content, technology, tools and infrastructure.
“Traditionally, global finance has kept the gaming industry from seeing it as a successful business. In India too, game makers have been underfunded, ”Sehgal, general partner of Lumikai, said in a statement.
“However, we strongly believe in the portfolio approach of creating first-time winners across all genres to deliver disproportionate returns,” Sehgal added.
Lumikai said the fund was backed by a base of global investors, including iconic game and tech companies from Japan, Finland, the United States and South Korea.
“India’s market of over 300 million user games represents a global inflection point, a unique opportunity made possible by the alignment of multiple stars,” said Keeling, general partner of Lumikai.