E-sports startup GamingMonk, run by GamingMonk Entertainment Pvt. Ltd, has raised an undisclosed amount from venture capital firm AdvantEdge, a press statement said.
The Delhi-based firm will use the funds to launch its subscription-based eSports portal, which will host tournaments for FIFA, Counter-Strike: Global Offensive, Dota 2, Clash Royale and Rocket League, among others.
GamingMonk started out as an e-commerce marketplace for consoles, gaming titles and other accessories, but pivoted last year to become an offline e-sports event organiser. The company was founded by Amity University graduates Abhay Sharma and Ashwin Haryani in November 2014.
When asked about future plans, Haryani said: “We are already getting significant inbound interest for our next round of funding and are in discussions with some strategic players both in India and overseas. A big announcement is expected towards the end of this year.”
A slew of digital gaming firms has raised venture capital over the past few months. In April, Bangalore-based mobile gaming startup Mech Mocha Game Studios Pvt. Ltd raised $5 million in Series A funding led by venture capital firms Accel Partners and China’s Shunwei Capital.
In the same month, Hyderabad-based online gaming firm Ace2Three raised $73.7 million from investors led by Canadian private equity firm Clairvest Group.
Earlier this year, Udupi-based gaming startup 99Games Online Pvt. Ltd raised an undisclosed amount from Japanese investment firm Dream Incubator. Existing investors Ascent Capital and Kalaari Capital also participated in the round.
AdvantEdge is an early-stage venture capital fund that invests $100,000 to $1 million per transaction. It has invested in 18 startups so far across sectors such as mobility (Rapido, Shuttl, CatchThatBus), digital media (Tripoto, TrulyMadly, ScoopWhoop), learning and jobs (IIMJobs.com, Smartivity, OnlineTyari), software-as-a-service (Wigzo, RepUp), fin-tech (IndiaLends) and consumer-tech (CoHo).
According to a joint report by search giant Google and consultancy firm KPMG, India’s online gaming industry is expected to reach $1 billion by 2021 from the current $360 million, growing at a brisk 20% per annum.