Lumikai, India’s pioneering gaming and interactive media fund, today announced the launch of its second fund targeting a $50M corpus from global investors. The funds will be deployed in pre-seed to series A investments into India’s leading gaming and interactive media founders.
Lumikai Fund I has $40M under management. Aside from the global corpus, for the first time, Lumikai is also inviting domestic Rupee capital with the setup of a dedicated $10M AIF for Indian LPs. This will bring Lumikai’s total investment into India’s gaming and interactive media sector to over $100M. The fund has already completed its oversubscribed first close.
Salone Sehgal, Founding GP of Lumikai commented “At Lumikai, we are excited to catalyse India’s gaming and interactive media revolution. Interactive media lies at the confluence of new technology, culture and emerging media. Since the beginning, our ambition was to unlock a new asset class for investors by turbo-charging India’s most ambitious founders within the ecosystem. Over the course of the last 3 years, we have seen 1400+ deals and seen the industry attract investor interest, deepen founder quality and achieve liquidity events. We continue to remain bullish on the long-term potential of the India interactive market and this is our opportunity to build on the foundation we have laid. “
Lumikai Fund II investors include marquee names from the global world of gaming, including publicly listed Japan-based gaming giants Mixi and Colopl, South Korean multi-billion-dollar conglomerates Krafton and Smilegate, Finland based decacorn Supercell, Indian strategics including Nazara and select large Indian family offices including the Jeejeebhoys, KCT Group, DSP Kothari, and Sattva Group. High net worth individuals also participated in the raise, including Ben Feder (former CEO of Take Two Interactive), Jon Vlassopulos (CEO, Napster), Pankaj Gupta (founder, Gulf Islamic Investments) and Akshat Rathee (Founder, Nodwin Gaming).
Fund II will continue investing in India’s $2.6B gaming market (set to grow to $8.6B by FY2027), catalyzing early-stage sector winners to continue delivering outlier returns. The fund will invest across five key thesis areas: 1. Gaming content, original IP and digital media 2.UGC platforms and creator economy 3. Tools, technology and infrastructure 4. Companies leveraging “systems of play”, applied game mechanics and interactive touchpoints across value chains and 5. Frontier bets, including mixed reality, generative AI, virtual identities, edge computing etc.
Justin Shriram Keeling, Founding GP of Lumikai commented “Lumikai was created ground-up to be a focal point for the next generation of superstar gaming and interactive media founders. These sunrise sectors have seen tremendous tailwinds since we launched the fund, and we are privileged to have a front row seat in this revolution. We’d like to thank our AAA roster of global and domestic LPs for supporting us as we continue to be at the forefront of this once in a generation inflection point.”
Lumikai Fund II already has a healthy pipeline of investments planned for deployment, including three deals at term sheet stage for companies built by industry veterans in plays within the content, platforms and frontier thesis areas.
A venture capital firm called Lumikai Fund was established in New Delhi, India, in 2019. The company looks to invest in early-stage interactive media and gaming firms in India.