Bitkraft Ventures Establishes Presence in India with Anuj Tandon as Its First Partner
Bikraft Ventures is a US based early stage investor aimed at gaming and interactive media, has appointed industry veteran Anuj Tandon as its first partner in India to help set up its existence in the country.
The appointment is the latest sign of rising global investor interest in one of the world’s fastest- growing gaming markets.
Tandon is eager to invest in Indian gaming and interactive media companies, aiming on artificial intelligence, games technology and content.
“Bitkraft is globally known to be a seed/Series A investor but our platform also has an opportunities fund, our investment strategy for India will be customised to meet the market needs”, Radon told Moneycontrol.
Founded by former Electronic Sports League chief executive officer (CEO) and G2 Esports chairman Jens Hilgers, Bitkraft Ventures has over $1 billion in assets under management across six funds, including six funds, including its most recent $275 million fundraise in April.
The firm has over 130 companies across the world in its portfolio.
Indian startups in its portfolio include mobile game development studio Lila Games, mobile gaming platform Gamezop and social investment platform StockGro.
"We have made several investments in India already but our ambition is to increase our activity and capital deployment in the country visibly going forward,” Hilgers said. “This is where Anuj’s experience and network in the Indian games and entertainment industry is crucial to us and our ability to identify and partner with the most outstanding entrepreneurs in India.”
An expansive game sheet
Tandon brings nearly 15 years of experience as a gaming entrepreneur, executive, and investor in India.
Most recently, he served as the CEO of the gaming division at JetSynthesys, a digital entertainment and technology firm, where he oversaw all its gaming assets. He left the company in November after a two-year tenure.
Prior to his role at JetSynthesys, Tandon was the head of corporate development for the India and MENA (Middle East and North Africa) regions at South Korean gaming giant Krafton. In this role, he was responsible for shaping the company’s strategy in these markets and building an investment portfolio that included local video game, esports, and entertainment startups.
During his two years at Krafton, Tandon spearheaded investments exceeding $135 million in startups, including mobile game studios Nautilus Mobile and Lila Games, audio content platform Kuku FM, esports company Nodwin Gaming, Indian-language storytelling platform Pratilipi, and the audio romance and friend discovery app FRND.
Prior to his time at Krafton, Tandon served as the India CEO for Chinese video game company Yoozoo Games for over four years. He also spent a year at Nazara Technologies, where he contributed to the development of their mobile gaming publishing business.
Tandon co-founded the gaming studio Rolocule Games in 2010 and exited the company in 2015. The studio was later acquired by Dream Sports, the parent company of the fantasy sports giant Dream11, in August 2021.
India offers numerous exciting economic opportunities, with vast untapped potential waiting to be explored. "Bitkraft recognizes India's promise, and with my support, we are dedicated to assisting leaders in our games and interactive media industry with early-stage funding. We anticipate a significant increase in deal activity in the years ahead," Tandon told Moneycontrol.
India an emerging gaming hub
Bitkraft Ventures now joins the list of global gaming investors looking to India to capture its enormous potential as a gaming hub.
In August 2023, Mixi, a Japanese mobile media company, launched a $50-million corporate venture capital fund aimed at targeting the Indianizing market.
Krafton has said it will invest close to $290 million during the next two-three years in Indian startups within gaming and interactive entertainment.
As Tandon observed, "India has explosive growth" in the economy, and with the strong emerging middle class with disposable income, the country will compete globally.
As per the report by Lumikai, a gaming and interactive media venture fund, India's paid gamer population rose to 148 million in FY24. The average revenue per paying user (ARPPU) also increased by 15 percent to $22 in FY24 compared to the previous year.
Gaming in the country generated revenues of $3.8 billion in FY24 and is 22.6 percent more than the previous year's revenues. The report adds that the industry is likely to touch over $9.2 billion by FY29 and rate a 20 percent CAGR for the next five years.
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