Gaming startup GamingMonk has raised an undisclosed amount of funding from early stage seed investors AdvantEdge. While the company has not shared funding details, AdvantEdge usually invests between $100K to $1 million per transaction in angel, seed and Series-A investments. Also, the gaming startup was selected as a part of AdvantEdge’s 6-month long incubation programme, in which it invests Rs 10 lakh initially, followed by more funds towards the end.
The startup has also launched online subscription-based eSports portal. Which means, that players can now take a monthly/ yearly subscription on its website, and can access all the tournaments, and can participate online. GamingMonk was until now only hosting offline tournaments for its users across three categories: PC, consoles, and mobile.
Besides expanding its online presence, the startup will use the fresh capital to expand to new markets across the country, and organise more offline events along with online tournaments.
GamingMonk had initially started out as an e-commerce marketplace two years ago, to sell consoles, gaming titles and other gaming accessories, but then it had pivoted to offline eSports competitive event organizer.
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. The platform hosts tournaments such as FIFA, CS-GO, DOTA2, Clash Royale, Rocket League, amongst others.
GamingMonk competes with some notable players in the space, such as Mobile game publisher and developer Nazara Games, which announced early this year that it will invest $20 million (~ Rs 136 crore), to develop the Indian eSports ecosystem over the next 5 years, and that the company is launching a fully owned eSports league.
Paytm might be planning to develop games and publish them on Paytm, as its parent One97 signed a joint venture deal with an Alibaba Group owned unit to bring casual mobile and social games to Indian users.
In June, Viaan Industries, a company promoted by businessman Raj Kundra and Bollywood actress Shilpa Shettym signed an agreement with International Federation of Poker to launch app-based Match Indian Poker Leaque (MIPL) which will allow city based teams to compete in the global professional match poker league.
Other companies focused on the mobile gaming sector in India include: 99Games, Games2win, PlaySimple, amongst others.