The India unit of gaming company Krafton has backed India’s first fund IMM Investment as a limited partner as the BGMI founder widens its investment bets in the South Asian market.
Seoul-based IMM Investment, which backed Krafton and is part of South Korea’s first unicorn, has opened its first India fund and hired former Legend Capital partner Prakhar Khanduja to run the local unit.
Nihansh Bhat, head of business development at Kfton India, told TechCrunch that the IMM fund’s investment will help the gaming company enter new business segments and sectors in India.
IMM Investment’s India fund is the third Krafton-backed firm in India. The company, which has also backed 3one4 Capital and Lumikai, will continue to explore similar opportunities in the future, Bhat said. Krafton has invested over $170 million in India and has invested another $150 million in the country.
Khanduja said IMM Investment India will look to back startups operating at Series A-level or above in sectors including consumer products and tech, SaaS, fintech, gaming, media and deeptech. The Indian unit has made its first investment in Sugar, a leading cosmetics brand.
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