Bangalore-based developer Bombay Play has secured USD 1 million in seed funding. The round was led by India-based venture capital firm Lumikai, which was established back in August and is the first of its kind in India.
Elaborating on the move, Bombay Play CEO Oliver Jones said, “India is on a rocket ship trajectory to becoming one of the top game development hubs of the world. We are building a team that has the vision and energy to deliver world-class titles that will compete with the best.”
Bombay Play’s most popular titles include Pokemon Tower Battle, Card Party, and 29 Card Game. It is now gearing to launch a Battle Royale Game ‘lockdown brawl’ as well. Bombay Play amassed 10 million downloads in its first year for its signature game Card Party.
While Bombay Play will focus on global games, the market in India is growing. India has an estimated 365 million gamers among 450 million smartphone users. The country has a frictionless mobile payment system and is now the second-largest global mobile game market, with 5 billion installs in 2019.
Market researcher Newzoo estimated that India will generate USD 868 million in revenue in 2020 and continue to grow at a 22% compound annual growth rate.
The average time spent in games grew 25% in the last year, driven by the cheapest 4G data rates in the world. And roughly 67% of India’s millennials are gamers. The hottest genres are puzzle, action, and adventure. Roughly 90% of the market is mobile games. Real-money gambling and esports are also hot, according to Lumika and Newzoo.