Gaming firm Krafton’s Indian unit has backed IMM Investment’s first Indian fund as an anchor limited partner as battle royale maker BGMI expands its investment bets in the South Asian market.
Seoul-based IMM Investment, an early backer of Krafton and about half of South Korea’s unicorn startups, held the first closing for an Indian fund and hired former Legend Capital partner Prakhar Khanduja, to manage the local drive.
Nihansh Bhat, corporate development leader at Krafton India, told britcommerce that the IMM fund’s investment would help the gaming company tap into new business categories and sectors in India.
IMM Investment’s India fund is the third venture firm Krafton has backed in India. The firm, which has also backed 3one4 Capital and Lumikai, will continue to evaluate similar opportunities in the future, Bhat said. Krafton has invested more than $170 million in India and earmarked another $150 million for the country.
Khanduja said IMM Investment India will look to back startups operating at a Series A level or above in sectors including consumer and technology brands, SaaS, fintech, gaming, media and deep tech. The India unit has made its first investment in Sugar, a leading cosmetics brand.