KRAFTON Backs South Korean IMM’s India Fund To Boost Startups

KRAFTON India, the gaming giant behind Battlegrounds Mobile India (BGMI), has become the anchor investor in the newly launched IMM India Fund by South Korea’s IMM Investment. 

IMM Investment, which manages around $7 Bn in assets, designed this India-focused fund to propel growth stage Indian companies, particularly in sectors like consumer tech, SaaS, fintech, gaming, media and deeptech.

The IMM India Fund has already made its first investment in Vellvette Lifestyle, the parent company of Sugar Cosmetics. 

“The KRAFTON-IMM partnership in India will bring together deep expertise to support Indian startups,” said Il Bu Joung, President of IMM Investment. 

To date, KRAFTON INDIA claims to have invested approximately $170 Mn in a range of Indian startups, from esports to digital content and creator economy platforms.

Meanwhile, Sean Hyunil Sohn, CEO of KRAFTON India says that the collaboration aligns with the government’s Invest India initiative and “strengthens the investor relations between India and South Korea while accelerating growth for Indian startups”

Last month, KRAFTON expanded the first cohort of its KRAFTON India Gaming Incubator (KIGI) with the addition of two new startups.

This was part of its incubator initiative earlier this year to support game development in India by providing funding, mentorship, and essential resources to developers.

Notably, Sohn had recently said that the company plans to establish a research and development (R&D) facility in India by 2026.

Earlier this year, the company  announced the official launch of its new shooter mobile game Bullet Echo India. 

The company also relaunched “BGMI” in India last year after cutting ties with Tencent. The Indian government banned the game in July 2022, citing issues with Indian users’ data.

Notably, the Indian government in 2020 also banned its popular game PUBG Mobile, along with other apps with Chinese connections, under Section 69A of the Information Technology (IT) Act.