Bangalore-based mobile game developer, Moonfrog Labs has secured $15 Mn funding in Series A from Tiger Global and existing investor Sequoia Capital.
The fresh funds will be used for hiring and to develop games in new genres, including action, strategy, and roleplaying. The company will release new titles over the next couple of years and is also building a new platform for multiplayer games.
Speaking on the development, Tanay Tayal, Co-founder, Moonfrog Labs said, “The funding round will help company to develop games in new genres, including action, strategy, and roleplaying. Besides, the company also plans to grow its technology platform, including its backend system and data analytics, and purse strategic distribution agreements.”
Related Article: Funding Galore: Startup Fundings Of The Week [9 – 14 March]
The challenges of designing mobile games for players in India include the relatively high price of data and unreliable, slow broadband connections. Moonfrog Labs’ games are engineered to use less bandwidth and battery power so they can be played even on the cheapest smartphones, he added.
Moonfrog Labs was founded in 2013 by Tanay Tayal and a team of developers who previously worked for Zynga on titles including Mafia Wars, Bubble Safari, Castleville, and Empires & Allies. Moonfrog Labs makes mobile games especially for players in India. It claims that it is currently the highest-grossing Android and iOS game in India.
Moonfrog Labs’ most popular game is “Teen Patti Gold,” which has been downloaded more than two million times. It is based on a three-card poker game that is popular in India and comes in four languages: English, Hindi, Gujarati, and Martahi.
Besides, Moonfrog Labs also hold promotions based on major events and holidays in India. The company monetizes through in-app purchases instead of ads because it believes uninterrupted gameplay helps users stay more engaged. Earlier, the company had raised $1 Mn in seed funding from venture capital firm Sequoia Capital.
In 2015 so far, Sequoia Capital-led deals have accounted for 12% of all Indian startup venture rounds and 33% of capital raised by those startups in 2015. Its portfolio in India, which has around 75 companies, includes, PepperTap, Grofers, TinyOwl Technology, Homelane, Practo Technologies, Capital Float, Capillary Technologies Pvt. Ltd, Druva Software Pvt. ltd, Micromax Technologies, Just Dial Pvt. Ltd and Zomato Media Pvt. Ltd.
On the other hand, Tiger Global Management has invested more than $1 Bn in India across two dozen digital ventures. It’s the largest shareholder in Flipkart after having put over $700 Mn in the ecommerce firm. It had also invested in Indian startups like Ola, Quickr, Myntra, Shopclues, Hike, CaratLane, CommonFloor, freshdesk, and Cartrade.