Bitkraft Ventures Expands Focus on Indian Gaming Market with New Appointment

By siliconindia  |  Tuesday, 10 December 2024, 09:59:40 AM IST

Bitkraft Ventures Expands Focus on Indian Gaming Market with New Appointment
US-based venture investor Bitkraft Ventures, known for its backing of gaming studios, platforms, and gaming-related technologies, is intensifying its commitment to the Indian market. The investment firm has appointed Anuj Tandon, the former CEO of gaming at JetSynthesis, as its new partner in India.
Bitkraft Ventures recently launched its third fund in April, with a substantial corpus of $275 million aimed at early-stage investments. Tandon, who previously led investments for South Korean gaming giant Krafton in India, indicated that the investment structure for Bitkraft in India is still being finalized. The firm plans to develop a specific thesis for its dedicated efforts in the country over the coming months.
Tandon stated, “We have the main Bitkraft Ventures Fund-III… there is also a $100 million opportunities fund, which focuses on investing in Series B stage. We’ll be looking at all kinds of deals across the early stages of gaming and interactive media. This brings an increased focus on emerging markets for Bitkraft, along with heightened deal activity, especially in India, which is an exciting market”.
He emphasized the favorable conditions for gaming and interactive media, noting, “There are macro tailwinds in the market, availability of liquidity, and a growing number of second-time founders. The flywheel of exits and capital allocation has started to move. It makes sense now to focus on the early stage, where we see quality entrepreneurs building in interactive media and gaming”.
Bitkraft has already invested in startups such as StockGro, a trading simulation platform; Lila Games, a mobile games development startup; and GameZop, a smartphone gaming platform.
According to an October report by PwC, India’s online gaming market is among the fastest-growing globally, projected to expand at a rate of 14.5% between 2023 and 2028, nearly double the global growth rate.
In August 2023, Krafton Inc announced plans to invest $150 million in Indian startups over the next two to three years. Similarly, in April, gaming and interactive media venture capital firm Lumikai revealed its intention to close 10-12 investments in early-stage startups from its $50-million India Fund-II.
Jens Hilgers, Bitkraft’s founding general partner, highlighted the importance of Tandon’s experience, stating, “We have made several investments in India already, but our ambition is to increase our activity and capital deployment in the country visibly going forward. Anuj’s experience and network in the Indian games and entertainment industry are crucial for us in identifying and partnering with outstanding entrepreneurs in India”.
Hilgers further noted, “It is more than just having a person on the ground; it involves a deep understanding of the market, the actors, and local preferences and dynamics, from design and product to financing”.

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