Esports startup GamingMonk has raised a US$ 100,000 (around Rs. 70 lakhs) strategic investment from listed Japanese gaming media GameWith. As per a statement issued by the company, the strategic partnership is expected to build on synergies, support and collaboration for the Indian gaming industry.
The funds given by GameWith will be used for product development, team building and brand marketing, the company stated. GamingMonk however did not reveal the valuation at which the round was closed or the stake that will be held by GameWith.
Commenting on the partnership, Takuya Imaizumi, CEO of GameWith, Inc., said, “The gaming industry in India has strong growth potential and GamingMonk, led by a strong management team, is well-positioned to further benefit from industry trends. We are excited about the company’s growth prospects and proud to have this opportunity to support the journey.”
“There are exciting times ahead for the gamers in India. GameWith brings a lot on board with their experience and leading position in the Japanese market. Their insights will help us in building a better product for the Indian gaming market” added Abhay Sharma, co-founder of GamingMonk.
In October last year, GamingMonk had raised Rs. 4 crores in a seed funding round that saw participation from Japan-based Incubate Fund; Rajan Anandan (Vice President of Google India and South East Asia); Stellaris Ventures; Smile Group; AdvantEdge fund; Samir Khurana and others.
Founded in 2014 by Abhay Sharma and Ashwin Haryani, GamingMonk provides a platform for esports players to competitively engage in esports tournaments, both through their website and through offline events. The platform currently allows players to compete with one another in games like PUBG, Fortnite, Fifa 2019 and Counter Strike.
The website also provides news and content relating to the esports industry and markets various gaming related products.