LILA Games, a free-to-play gaming startup, has raised $10 million for product development
- ByStartupStory | March 16, 2022
Lila Games, a Bengaluru-based mobile game development firm, announced on March 16 that it has raised $10 million in Series A funding headed by Rainfall Ventures. In addition to Bitkraft Ventures, Galaxy Interactive, Sequoia Capital, and South Korean gaming behemoth Krafton Inc, the round included Bitkraft Ventures, Galaxy Interactive, Sequoia Capital, and South Korean gaming behemoth Krafton Inc.
The investment included angel investors such as Polygon Studios CEO Ryan Watt, Moonfrog Labs co-founder Tanay Tayal, and Thomas Vu, one of the executive producers of Arcane: League of Legends, the Netflix animated series.
According to Lila Games CEO Joseph Kim, The company is confident that India’s emergence as a worldwide leader in gaming, as well as its ability to produce best-in-class talent in the F2P gaming business, will provide them with a long-term structural advantage.
The funding will be used to develop the company’s first gaming title and expand its Bengaluru-based workforce. Lila Games, founded by Kim, Avinash Pandey, and Paul Leydon, is working on Project B.L.A.C.K, a free-to-play mobile shooting game.
Bitkraft Ventures provided the firm with $2.8 million in venture funding in November 2020.
According to Niko Partners, India is the fastest-growing games market in Asia, with mobile and PC gaming revenue expected to reach $1.49 billion in 2025, representing a five-year compound annual growth rate (CAGR) of 29.8% from $534.1 million in 2021.
Niko Partners is a market research and consultancy organization based in Africa that focuses on video games, e-sports, and streaming. And on the other hand, Krafton, which is best known for titles such as PlayerUnknown’s Battlegrounds (PUBG) and its Indian equivalent, Battlegrounds Mobile India (BGMI), recently invested $5.4 million in Nautilus Mobile, an Indian mobile gaming studio.
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