(IANS) Venture capital fund Lumikai on Monday announced a new early stage VC fund that will support upto 20 early-stage investments with cheque sizes between $200,000 (approximately Rs 1.4 crore) to $2 million (nearly Rs 15 crore).
Lumikai said it has been actively sourcing deals in stealth mode with more than 140 interactive founders already having been met in the first half of this year.
With the first close recently completed, the fund plans to announce its first wave of investments in the third quarter.
Founded by Justin Shriram Keeling and Salone Sehgal, Lumikai fund aims to supercharge the new generation of India’s leading founders across interactive content, technology, tools and infrastructure.
“Traditionally, global finance eschewed the games industry viewing it as a hit-driven business. In India too, games’ creators have been underfinanced,” Sehgal, Lumikai General Partner, said in a statement.
“However, we deeply believe in the portfolio approach of building early winners across genres to deliver outsized returns,” Sehgal added.
Lumikai said the fund is backed by a global investor base, including iconic gaming and technology companies, from Japan, Finland, the US, and South Korea.
“India’s 300 million plus user-gaming market represents a global inflection point, a unique opportunity enabled by multiple stars aligning,” Keeling, Lumikai General Partner, said.