Online sports gaming platform GamingMonk has raised an undisclosed amount of funding from Noida based VC firm AdvantEdge Capital Partners.
The gaming startup, which was selected as a part of AdvantEdge’s 6-month long incubation program, will use the fresh capital to expand to new markets across the country, and organise more offline events along with online tournaments.
Under its incubation program, AdvantEdge had invested Rs 10 lakh initially in GamingMonk, followed by more funds towards the end.
Besides expanding its online presence, the startup has also launched its subscription-based e-portal, where gamers can win points and cash prizes in lieu of a subscription.
The Delhi-based e-sports startup was incorporated in 2014 as an e-commerce marketplace to sell consoles, gaming titles, and other gaming accessories. However, the company is now focusing on organizing online gaming tournaments.
GamingMonk claims to have organised 40 offline competitive tournaments across the country with close to 15,000 participants in partnership with brands such as Sony, Microsoft, HP, Amazon, Nvidia and Mountain Dew.
On subscription front, GamingMonk hosts tournaments for FIFA, CS-GO, DOTA2, Clash Royale, Rocket League, amongst others.
“Having established itself as the leading offline e-sports brand, GamingMonk continues to lead the revolution with the launch of its ePortal, allowing millennials to play competitively from the comfort of their homes,” said Kunal Khattar, a partner at AdvantEdge.
Foraying in online gaming space, One97 Communications-owned Paytm has recently formed a joint venture with Hong Kong-based lottery firm AGTech Media to launch a mobile gaming company in India.
One of GamingMonk’s close competitors, Mumbai-based Nazara Games had invested an undisclosed amount in game development studio Moong Labs, a developer of 3D cricket simulation games. The leading mobile game publishing company is also planning to launch Rs 1,000-crore IPO by the end of financial year.
The Indian gaming industry touched $543.08 million in 2016, according to the report ‘Emerging Trends in Indian Gaming Industry’. The report said the figure is expected to hit $801 million by 2022, at a compound annual growth rate of 6.61 per cent.