New Delhi:- South Korean game company Krafton plans to invest an additional $150 million in India over the next 2-3 years, the company said for the benefit of the local gaming ecosystem, about three months after being approved. allowed to test its popular battle royale game in South Asia. market. after two bans.
Thursday's announcement follows Krafton's roughly $140 million investment in 11 startups in India and the local gaming ecosystem over the past three years. The company with Indian investments including Nodwin Gaming, Loco, Pratilipi, Kuku FM, tells it will use an additional $150 million to invest in gaming and entertainment startups.
Krafton also said he is "absolutely satisfied with the performance" of the startups in India's existing portfolio, and most of them have increased revenue multiple times and raised subsequent rounds.
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"We continue to take a long-term view of India and its vibrant startup ecosystem, and we fully understand that there are a number of reasons that could affect the company's operations, including market conditions are well understood and consumer sentiment, among other reasons, and we at Krafton will continue to support them,” the company said.
The new $150 million investment pledge comes at a time when Krafton's mobile title BGMI has been allowed to operate in India, nearly a year after it was banned. The Korean giant has received a three-month approval from the Indian authorities to resume operations of Battlegrounds Mobile India in May, and the trial period will expire in two weeks.
BGMI itself is an improved and localized version of PUBG, another popular title that was banned by New Delhi in mid-2020 due to national security concerns. Krafton made many important business decisions — including cutting ties with Tencent as a publisher and switching to Microsoft Azure for servers in India — to address its concerns. New Delhi.
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However, the new announcement is a big boost for the local ecosystem. Krafton's game is the most popular title in India and the e-sports mogul in the country. As India tries to attract more investors in the gaming sector, Krafton's solid support has been a significant help.
Sean Hyunil Sohn, CEO of Krafton said, “We believe in the power of India's IPs and content to have lasting global impact and are excited to take new steps in our behaviour. Our program aims to unleash the full potential of the country as a global game power.” India.
As for Krafton, PUBG and its new Indian title, BGMI, remain among the most popular titles in its portfolio. And India is still a big market for Battle Royale mobile games. In less than three months since BGMI's relaunch, the title has amassed around 30 million monthly active users in the country, according to mobile intelligence firm SensorTower. The company said in an earnings call this week that BGMI has begun generating revenue.
The company said the timing of the investment commitment and the end of the BGMI trial are unrelated. “We will continue to invest in and support the local ecosystem regardless of the conditions imposed on us. Krafton has invested nearly $140 million since 2021 in the Indian startup ecosystem and we hope to continue to do so, as we have identified India as one of the key growth drivers.
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Krafton around the world,” a spokesperson said. Krafton, a games company, said on Thursday that it will invest a whopping $150 million in 11 Indian startups and will soon grow the game industry.