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The Indian unit of gaming company Krafton has backed IMM Investment’s India First Fund as a lead limited partner as battle royale maker BGMI expands its investment bets in the South Asian market.
Seoul-based IMM Investment, an early backer of Krafton and nearly half of South Korea’s startups, has made the first close of its India fund and hired former Legend Capital partner Prakhar Khanduja to run the local unit.
Nihansh Bhat, head of corporate development at Krafton India, told TechCrunch that the IMM Fund’s investment will help the gaming company tap into newer business categories and segments in India.
IMM Investment’s India Fund is the third investment firm Krafton has backed in India. The company, which has also backed 3one4 Capital and Lumikai, will continue to evaluate similar opportunities in the future, Bhatt said. Crafton has invested more than $170 million in India and has committed another $150 million to the country.
IMM Investment India will look to back startups operating at the Series A level or beyond in sectors including consumer and technology brands, SaaS, fintech, gaming, media and deep tech, Khanduja said. The Indian unit has made its first investment in Sugar, a leading cosmetics brand.
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