Gaming company Krafton’s India arm has backed IMM Investment’s first India fund as a lead limited partner as the battle royale BGMI maker expands its investment footprint in the South Asian market.
Seoul-based IMM Investment, an early backer of Krafton and about half of the country’s unicorn startups, has completed the first close of its India fund, with former Legend Capital partner Prakhar Khanduja ) was hired to run the local business unit.
Nihansh Bhat, head of corporate development at Krafton India, told TechCrunch that the IMM fund investment will help the gaming company tap into new business categories and segments in India.
IMM Investment’s India fund is the third venture company supported by Krafton in India. The company, which 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 has earmarked an additional $150 million for the country.
Khanduja said IMM Investment India will support startups operating at Series A level and above in sectors including consumer brands and technology, SaaS, fintech, gaming, media and deeptech. Our Indian subsidiary made its first investment in Sugar, a leading cosmetics brand.
