Maker of FAU:G nCore Games Funds Esports Startup Newgen Gaming
- ByStartupStory | February 13, 2023
Gurgaon-based gaming start-up Newgen Gaming has secured $1 million in funding from nCore Games, a leading mobile games and interactive entertainment company. This marks the first funding round for Newgen Gaming, which operates in the esports sector through its brand, Penta Esports. With the new capital, the company aims to grow its team, offerings, and operations in the South Asia and MENA regions.
Penta Esports, founded in 2021 by Anurag Khurana, Kiran Noojibail, Akshay Paul, and Krishanu Ghosal, specializes in several areas of esports, including leagues, tournaments, and content. The company also offers opportunities to esports athletes across various titles and platforms.
Since its establishment, Penta Esports has established itself as a leader in the industry by launching the grassroot-focused Penta Amateur League, the Penta Collegiate League for colleges and universities, and various tournament IPs, such as the Penta Invitational, the Penta Cup, and the Penta Challenge.
“Our goal at Newgen Gaming is to democratize gaming and esports in India,” said Anurag Khurana, the founder and CEO of Newgen Gaming. “With this additional investment, we intend to expand even more, provide participants in the area more chances, and give spectators interesting new things to explore”.
nCore Games, a gaming start-up based in Bengaluru, focuses on developing and publishing category-defining mobile games for the Indian subcontinent, with a specialization in midcore development and live operations. To date, the company has released three mobile games, including FAU:G, ICC Cricket Mobile, and Apna Games.
Last year, nCore Games raised $10 million in a Series A funding round, which was co-led by Galaxy Interactive and Animoca Brands. nCore Games will have access to Penta Esports’ intellectual rights and network of esports players and fans as a result of this investment. Penta Esports said in a statement that it plans to use this capital infusion to capitalise on its rapid development and momentum.
“We think Newgen Gaming will be a crucial component as we work to create a full-stack gaming ecosystem. As we develop India’s top gaming platform, we are excited to draw on Newgen Gaming’s experience in these areas. Esports event management and fan engagement are expected to become major growth drivers for the industry.
In addition, The Esports Club (TEC), a tournament organiser located in Bengaluru, raised $3 Mn in a Pre-Series A fundraising round earlier this month. The interest of investors has also been drawn to numerous other esports firms, like Gamerji. As an illustration, in November, Gamerji raised $3 Mn in a Pre-Series A fundraising round from GVFL and current backer Unicorn India Ventures.
In the interim, the government of the country integrated esports with traditional sports, giving the esports industry official recognition. The Ministry of Youth Affairs and Sports (MYAS) has been designated by the central government as the nodal ministry for gaming in multi-sport events in this situation.
According to an EY analysis, the Indian esports market was estimated to be worth INR 250 Cr in 2021 and is expected to increase at a 46% CAGR over the next four years to reach INR 1,100 Cr by 2025.
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