GameEon Studios, a Mumbai-based game development and publishing studio, has raised $1 million in its latest funding round to further expand and develop the ‘Mumbai Gullies’ franchise.
This investment will accelerate the creation of AA and AAA games for PC and console, with select titles also being available on mobile platforms.
This round saw participation from investors including SucSEED Innovation Fund, ICE.VC (Mrunal Jhaveri), IAN, CD Equifinance, Nexus Global Opportunities Fund, Vivek Goel (Founder and Director, Tailwind Financial Services), Patni Family (via Bombay Founders’ Club) and Tal64.
Founded by Nikhil Malankar (CEO) and Kaustubh Jadhav (COO), GameEon Studios has raised $500,000 for product prototyping and market testing, conducting trials in 12 countries and gathering insights from over 5,000 gamers globally.
“Mumbai Gullies is more than just a game; it’s a celebration of Mumbai’s vibrant culture, and we’re thrilled to be building this experience for a global audience. We believe in crafting experiences that resonate not just in India but across the world, and this funding will help us bring that vision to life,” said Nikhil Malankar, CEO of GameEon Studios.
Mrunal Jhaveri, Founder of ICE VC, said “What excites me most about GameEon Studios is their bold vision to merge culturally rich narratives with world-class gaming mechanics. Mumbai Gullies is more than just a game, it’s an opportunity to showcase India’s vibrant culture to a global audience while setting new standards for the Indian gaming industry.”
SucSeed Indovation Fund co-founder and managing partner Vikrant Varshney said, “We are excited to continue our support for GameEon, an exceptional team of game developers, designers, and artists with a strong track record of creating high-quality games. This investment is an extension of our previous investment and reaffirms our belief in their ability to lead in the rapidly growing Indian gaming market. With their deep understanding of marketing and publishing, coupled with their innovative approach to game development, GamEon is well-positioned to capitalise on the opportunities in this US$3.49 billion market, which is set to more than double by 2029.”
The investment team of CD Equifinance remarked, “CD Equifinance invests in GamEon to tap into India’s vast gaming potential with a significant CAGR. Catering to the young Indian demographic, the quality and gaming experience of Mumbai Gullies matches internationally developed games, with culturally relatable elements. The company is poised to revolutionise the evolving Indian casual gaming landscape with the recent fundraise.”
