Gaming company Krafton's Indian arm has backed IMM Investment's first India fund as an anchor limited partner as the battle royale BGMI maker expands its investments in the South Asian market.
Seoul-based IMM Investment, which has supported Krafton and roughly half of South Korea's unicorn startups since their inception, has successfully raised its first Indian fund and brought in former Legend Capital partner Prakhar Khanduja to lead the company. Hired to run the department.
Nihansh Bhatt, head of corporate development at Krafton India, told TechCrunch that the investment in the IMM fund will help gaming companies tap into new business categories and sectors in India.
IMM Investment's India fund is the third venture supported by Crafton in India. The company is also backed by 3one4 Capital and Lumikai and will continue to explore similar opportunities in the future, Burt said. Crafton has invested more than $170 million in India and committed an additional $150 million to India.
Khanduja said IMM Investment India will look to support startups operating at Series A level and above in areas such as consumer brands, technology, SaaS, fintech, gaming, media and deep tech. The India division has made its first investment in Sugar, a leading cosmetics brand.