Former Unacademy Executive’s Gaming Startup LightFury Bags $8.5 Mn

LightFury Games, a gaming startup floated by Unacademy’s former chief marketing officer and partner Karan Shroff, has secured $8.5 Mn (INR 71.1 Cr) in its seed funding round led by Blume Ventures.

The round also saw participation from MIXI and Gemba Capital, along with a host of other investors, including Kunal Shah, founder of Cred and Gaurav Munjal, chief executive of Unacademy.

The startup plans to use the fresh capital to develop AAA games in India, with an initial focus on mobile gaming before expanding to other platforms, including consoles.

AAA games are known for their high budgets, top-quality graphics and are typically developed and published by major gaming companies or studios. They feature advanced gameplay mechanics, extensive content and significant marketing campaigns. 

AAA games are released on multiple platforms, including personal computers, consoles like PlayStation and Xbox, and sometimes mobile devices. Some examples of these games are Red Dead Redemption, The Last of Us, Uncharted and God Of War among others. However, no prominent AAA games have originated from India till now. 

Founded by Shroff, Anurag Banerjee and Tina Balachandran in January this year, LightFury Games is propelled by a shared vision to revolutionise gaming experiences by developing top-tier AAA titles. 

Starting with a primary emphasis on mobile gaming, the studio aims to push boundaries with its immersive gameplay and advanced technology.

Shroff said, “The size of the gaming market in India is on the rise and it is an excellent time for us to bring our expertise into the industry. We intend to utilise the capital to focus on developing high-quality cutting-edge AAA titles in India, establishing our game studios in both India and in the UK; and hiring top-tier talent in the country to put India on the global map.”

Shroff added, “Creating successful AAA titles in the Indian market and establish a Tencent-like presence originating from India, is what we are excited to bring to the fore.” 

Karthik Reddy, cofounder and managing partner at Blume Ventures said, “We’ve known Shroff and his passion towards work since his Unacademy days, we discovered a drive in him for translating this to a AAA gaming studio, thought through from an Indian lens. The ability to piece together the talent and bring in believers from the gaming and consumer universe make it one of the most exciting investments we have made in this space.”

India’s gaming landscape is witnessing remarkable growth, with unicorns like Dream11, Games24X7, and MPL emerging in recent years. However, the country is yet to produce a homegrown AAA game, highlighting a gap in the market. 

In response, Mayhem Studios, the mobile game development arm of gaming unicorn Mobile Premier League (MPL), has announced the beta launch of its first AAA title, Underworld Gang Wars (UGW). 

This move comes amid the expanding gaming market in India, which currently boasts over 500 Mn active gamers. Gaming-focused VC firm Lumikai projects gaming revenue for FY28 to reach $7.5 Bn.