SUMMARY
Gurgaon-based Newgen Gaming operates in the esports domain through its brand Penta Esports
Penta Esports has launched Penta Amateur League and the Penta Collegiate League for colleges and universities, alongside other tournament IPs
Using the fresh capital, the startup plans to focus on expanding offerings and team
Gaming startup Newgen Gaming has raised $1Mn funding from mobile games and interactive entertainment company nCore Games. This is the first funding round for Newgen Gaming.
The Gurgaon-based startup operates in the esports domain through its brand Penta Esports. Using the fresh capital, the startup plans to focus on expanding its team, offerings and operations across South Asia and MENA regions.
Founded in 2021 by Anurag Khurana, Kiran Noojibail, Akshay Paul and Krishanu Ghosal, Penta Esports specialises in multiple verticals including leagues, tournaments and content. It also provides esports athletes with opportunities across titles and platforms.
Since its inception, Penta Esports has launched its grassroot-focused league called the Penta Amateur League and the Penta Collegiate League for colleges and universities, alongside other tournament IPs such as the Penta Invitational, Penta Cup, and Penta Challenge.
“We started Newgen Gaming with an objective to democratise gaming and esports in India. We will be scaling up rapidly and providing more opportunities to the players and experiences to the viewers across the region,” Anurag Khurana, founder and CEO of Newgen Gaming, said.
On the other hand, gaming startup nCore Games develops and publishes category defining mobile games for the Indian subcontinent, with an expertise in midcore dev and live ops. Currently the startup has released three mobile games: FAU:G, ICC Cricket Mobile, and Apna Games.
Bengaluru-based nCORE Games raised $10 Mn in a Series A round last year which was co-led by Galaxy Interactive and Animoca Brands.
Through this investment, nCore Games will gain access to the network of esports athletes and fans, as well as Penta Esports’ content intellectual properties. Penta Esports aims to capitalise on its strong growth and momentum with this infusion of capital, the startup said in a statement.
“As we set out to build a full-stack gaming ecosystem, we believe Newgen Gaming will be an integral part. Esports event management and fan engagement are set to become key growth drivers for the industry, and we look forward to tapping into Newgen Gaming’s expertise in this area as we build out India’s #1 gaming platform,” nCore Games cofounder Vishal Gondal, said.
Further, earlier this month, Bengaluru-based tournament organiser The Esports Club (TEC) raised $3 Mn in a Pre-Series A funding round. Many other esports startups such as Gamerji have caught the attention of investors alike.For instance, Gamerji had raised $3 Mn in a Pre-Series A funding round from GVFL and existing investor Unicorn India Ventures in November.
In the meantime, the esports segment received official recognition with the government integrating esports with mainline sports in the country. In this context, the central government appointed the Ministry of Youth Affairs and Sports (MYAS) as the nodal ministry for esports in multi-sports events.
The size of the Indian esports industry was estimated at INR 250 Cr in 2021 and is predicted to clock 46% compound annual growth rate (CAGR) in four years to reach INR 1,100 Cr by 2025, as per an EY report.
