Mumbai Angels Network, a premium startup investment platform for early stage venture capital investments, said Thursday it has invested $ 320,000 in GameEon Studios, one of the newest entrants to the rapidly growing gaming space.
The startup will use the capital to strengthen its publishing model by establishing a strong distribution network for its mobile games. It plans to hire top talent to make sure its next PC game meets international standards.
Nikhil Malankar, founder of GameEon Studios, noted,
“At GameEon Studios, we strongly believe that we are building a revolutionary games company, which is still in its infancy. We have positioned ourselves precisely from the start to ensure maximum growth in the years to come. Plus, the entire GameEon journey will be documented on my personal YouTube channel, making it a special moment for the whole team.
He added, “We have a great relationship with our existing game distributors and are delighted to have a reputable investor such as Mumbai Angels Network supporting us on our journey. With this funding, we will tap into domestic and international markets and reach a broad user base. The basic idea is to create a solid revenue stream that will support the development costs incurred in creating our high quality games.
Founded in 2013, GameEon Studios claims to have a rapidly growing user base. Being a popular game development YouTuber, Nikhil malankar, the founder of GameEon, also has a strong social media presence, which he leverages to further develop the business.
Having developed over 150 games – including a mix of its own games and those built to customer specifications – GameEon Studios has the advantage of leveraging its extensive development expertise to create a solid business model.
Recently, GameEon announced that it is working on a Mumbai-based open world game titled “Mumbai Gullies” which will feature graphics and gameplay that meet international standards.
“The gaming industry in India has grown at a CAGR of 18.6% and is expected to reach $ 2 billion by 2023. There has been a massive increase in the consumption of gaming content in recent times, which has led the industry to gain popularity. We have seen the kind of revolutionary changes that GameEon is bringing to the industry, ”said Nandini Mansinghka, co-founder and CEO, Mumbai Angels Network.
“The potential of the Indian gaming industry is unprecedented and has yet to be explored. GameEon’s vision and product aligns with global standards, which will give the company a good head start in the Indian market, ”said Jatin Aneja, National Project Manager at Shardul Amarchand Mangaldas & Co., and Business Manager for GameEon.