Cloud gaming firm The Gaming Project on Thursday said it has secured $500,000 in a seed funding round led by Faad Network.
The fundraise also saw participation from Upsparks, BlackKite, SucSEED Indovation Fund, MaGEHold and Hem Angels, among others.
The platform plans to use the fresh money to expand its services across India and platforms.
Founded by Manan Mittal and Sarang Atri, The Gaming Project went live in 2020. Since then, it has onboarded over 300,000 users on the platform and claims to have a steady revenue month-on-month.
The Gaming Project is said to be India's first cloud gaming platform.
Cloud gaming is a form of online gaming where the game runs on remote servers. The Gaming Project is democratizing access to AAA or video games with its cloud gaming platform that allows users to play such games on mobiles and laptops.
The term AAA games is a classification used within the video gaming industry to signify high-budget, high-profile games that are typically produced and distributed by large, well-known publishers.
“Our entire goal up until our first raise was to make sure we spend as few resources as possible, but at the same time achieve a product market fit that is appreciated by everyone in the gaming community and actually answer the question of whether cloud gaming is possible in India or not,” said Atri, co-founder, The Gaming Project.
“Ever since the inception of our project, the inevitable question that always came up was whether the internet infrastructure was capable enough for this technology. Our customers answered that question for us, by sticking with us and providing their constructive feedback that in turn helped us improve our tech since our inception,” said Manan Mittal, co-founder and tech lead, The Gaming Company.
“With over 100 million online gamers, India alone is a two-billion-dollar market opportunity for the eSports industry. This market could be further extended if there is a solution built for smooth streaming without buying any expensive gaming rig. This is where our thought school aligned with what Sarang and Manan are building at The Gaming Project," said Aditya Arora, chief executive officer, Faad Network.
“We as an organisation are focused on the trending and growing domains, and the gaming industry is evolving exponentially. AAA games will increase the existing gaming industry by billions. This is an important industry to be a part of. The team of The Gaming Project is very dedicated and has the vision of how to lead the industry to new heights...,” said Mohamad Faraz, founding partner, Upsparks.
Faad Network is a sector agnostic early-stage investor network which invests in pre-seed to Series A startups with a ticket size of $50,000-$1 million. It has invested in more than 45 startups so far, and 90% of its portfolios have been added post pandemic.
The investment network's bets include SupplyNote, The New Shop, The Hosteller, BluSmart, Hesa and kwh Bikes.
Gaming startups in India have attracted deals worth $1.6 billion in the first nine months of 2021, exceeding the total value of investments in the sector in the last five years, as per a report by investment banking platform Maple Capital Advisors.