Bangalore-based mobile gaming startup, HashCube has secured INR 4.2 crore funding led by Mumbai-based Nazara Technology with participation from San Francisco based entrepreneur Perry LaForge and Ah! Ventures. Existing investors Blume ventures and Indian Angel network also participated in the round. This is Nazara’s first investment from its INR 10 crore Game Fund that was launched earlier this year.
The Nazara Game Fund aims to support young mobile gaming startups which are yet to be spotted by financial investors. The attempt is to help startups from the ideation to the VC stage; it’s our way of helping grow the ecosystem,” said Nitish Mittersain, CEO, Nazara Technologies.
“We have been hard at work to expose and handhold new first-time angel investors to and through this early stage ecosystem and thus help in growing the angel investor base in India.” said Abhijeet Kumar, Co-founder, ah! Ventures.
The company will use new funds to grow its team and build more Quest games. It plans to launch 20 Quest games over the next five years. Founded in 2008 by Ramprasad Rajendran and Deepan Chakravarthy, HashCube has created the world’s most monetising Sudoku game, Sudoku Quest, which has over 3 million users.
In 2012, HashCube has received an undisclosed amount from IAN members like former Yahoo India head Sharad Sharma, Google India chief Rajan Anandan and Torrent Networks co-founder Hemant Kanakia along with existing investors.
“We have raised USD 500k in current round,” said Deepan, Co-founder, HashCube. “Over the course of the next 5 Years, Hashcube looking to launch 20 Quest games and achieve over 200X revenue”, added Ramprasad, Co-founder, HashCube.
Following this investment, Nazara will work closely with Bengaluru-based HashCube to help them develop the upcoming games in their Quest mobile game series, first of which was Sudoku Quest currently live on Facebook and iOS, Android and Amazon app stores. Also, Nazara will deploy its distribution network in Middle East, South East Asia, and Latin America markets to market these games globally.
The other player in the same space includes Mobile gaming company, Kabam, that had raised USD 120 million in Series E round at a valuation of more than USD 1 billion led by Chinese E-commerce company Alibaba in August, and Octro, which received USD 15 million in series A round at a valuation of USD 70 million from early stage investor Sequoia Capital.