A new $1.6 million (INR $100 million) fund for mobile games development is being offered by Indian publisher Nazara Technologies. While funding is open to developers worldwide, Nazara hopes to primarily bootstrap startups in India who face challenges with funding and business acumen.
Indian mobile game developers find it difficult to raise funds since the venture capital firms are not confident of or have very limited knowledge of the mobile gaming space in India.
In addition, many passionate startups are unaware of the importance of maintaining accounts and corporate governance, which leads to issues at later development stages.
Nitish Mittersain, CEO of Nazara Technologies, tells Tech in Asia: “A lot of startups are more passionate about their product and often miss out working on other aspects of the business. Today, statutory compliance is very important for any startup in order to avoid any unwanted troubles in future.”
Early stage funding may range from US $40,000 (INR 2.5 million) to US $320,000 (INR 20 million) to keep the development process running and come out with a quality game.
Along with early stage funding, Nazara will also provide mentoring for startups, from product development to after sales assessment.
“The Game Fund is dedicated for the mobile game developers who have a vision to create quality games and establish a sustainable business,” says Mittersain.
To qualify for funding, a startup team should have relevant background experience as well as an alpha build or a prototype ready and a clear business model. Beyond that, applicants will be considered based on their passion, concept clarity, and future mobile game development vision.
Bangalore-based cross-platform social gaming startup HashCube secured INR 42 million (US$677,000) in a funding round led by Nazara with Perry LaForge, Ah Ventures, Blume Ventures, and investors from Indian Angel Network.
Nazara Technologies was started in 2003 as a company offering game development, publishing, distribution, and consultation services. With over a decade of experience in the industry, Mittersain aspires to guide the new age mobile game development startups with its local knowledge, best practices, and distribution expertise.