Posted: 9:30 PM PDT · October 28, 2024
In a significant development for the Indian startup ecosystem, Krafton, the Seoul-based gaming firm, has backed IMM Investment’s first India fund as an anchor limited partner. This move marks Krafton’s continued commitment to investing in innovative startups in India.
About IMM Investment
IMM Investment, a leading venture capital firm based in South Korea, has been at the forefront of identifying and nurturing promising startups in the country. With investments in over half of South Korea’s unicorns, IMM Investment has established itself as a prominent player in the Asian startup landscape. The firm has now turned its attention to India, with the first close of its India fund marking an important milestone.
Krafton’s Involvement
Nihansh Bhat, Lead of Corporate Development for Krafton India, highlighted the significance of IMM Investment’s investment in Krafton. "This partnership will enable us to explore newer business categories and sectors, further solidifying our presence in the Indian market," he said.
Bhat also emphasized that Krafton will continue to seek out similar opportunities in the country. This is the third venture firm that Krafton has backed in India, following investments in 3one4 Capital and Lumikai. With a total investment of over $170 million in the country, Krafton has earmarked another $150 million for future investments.
IMM Investment’s Plans
Prakhar Khanduja, former partner at Legend Capital and now heading IMM Investment India, outlined the fund’s investment strategy. "We will focus on backing startups at the Series A stage or later, operating in sectors such as consumer, tech, SaaS, fintech, gaming, media, and deep tech," he said.
Khanduja also announced that Sugar, a leading cosmetics brand, was the first investment made by IMM Investment India. This development underscores the fund’s commitment to supporting innovative startups across various industries.
What This Means for India
The backing of IMM Investment’s first India fund by Krafton is a significant vote of confidence in the Indian startup ecosystem. With access to over $320 million in funds, IMM Investment will be well-positioned to support promising startups in their growth journey.
This investment is also a testament to Krafton’s dedication to fostering innovation and entrepreneurship in India. By partnering with established venture capital firms like IMM Investment, Krafton can tap into a broader range of opportunities, driving growth and expansion across various sectors.
Conclusion
The backing of IMM Investment’s first India fund by Krafton marks an important milestone for the Indian startup ecosystem. With access to significant funds and expertise, this partnership has the potential to drive innovation and growth across various sectors. As the investment landscape continues to evolve in India, this development serves as a reminder of the opportunities available for startups seeking funding and support.
Related Content
- Gaming: Nvidia Unveils $2,000 RTX 5090 GPU
- Hardware: Samsung Says Its Home Robot, Ballie, Will Roll Out in First Half of 2025
- Government & Policy: US Adds Tencent to List of ‘Chinese Military’ Companies
Stay Up-to-Date with TechCrunch
Subscribe to TechCrunch’s newsletters for the latest news and insights on startups, innovation, and technology.
- TechCrunch Daily News: Get the best of TechCrunch’s coverage every weekday and Sunday
- TechCrunch AI: Stay ahead in the fast-moving field with our expert analysis
- TechCrunch Space: Explore the latest advances in aerospace every Monday
- Startups Weekly: Receive the core of TechCrunch’s coverage on startups, delivered weekly
