Bengaluru-based mobile gaming startup Mech Mocha is in the process of raising about ₹72 crore ($10 million), as part of its series B funding round, according to a VCCircle report.
The startup is looking to mark the first close of its funding round at $5-6 million, from new and existing investors.
The gaming startup has already raised around ₹25.26 crore ($3.53 million) from Neoplux, a private equity and venture capital arm of Doosan Corp, and Accel Partners, according to the company filings with the Registrar of Companies.
Other investors that like Akatsuki, the investment arm of the Japanese mobile gaming company, Shunwei Capital, and Blume Ventures, will be participating in the round.
The funds raised will be used to develop HelloLudo, a digital mobile version of the popular Indian game called Ludo. It will further use the funds to develop vernacular gaming products, starting with the Hindi language.
Mecha Mocha was founded by two IITM Gwalior alumni Arpita Kapoor and Mohit Rangaraju in 2014. The startup focuses on creating mobile games for the Indian audience, in order to provide a seamless gaming experience to the next 500 million Indian users.
The startup has created popular games like Chhota Bheem Himalayan Game, which topped the free games section on Google Play India. It has also partnered with Australia’s Halfbrick Studios to launch Jetpack Joyride for the Indian market.
Arpita Kapoor, CEO of Mech Mocha, said, “Since we are on an experimental mode and primarily build products for tier 2 and tier 3 centres, our current focus is more on user growth than revenues, a strategy which is also aligned with our stakeholders. Once we hit the targeted metrics, we will then focus on revenues.”
According to a Frost & Sullivan report, the gaming market in India is expected to touch $1 billion by 2021, almost entirely driven by the growth of mobile gaming. The growth in mobile gaming is attributed to the rising penetration of smartphones and cheaper internet.
Other gaming firms competing with Mech Mocha in India include Nazara Technologies, GamingMonk, Mobile Premier League, among others.
Earlier this month, gaming startup Mobile Premier League (MPL) raised around ₹36.5 crore ($5 million) in a series A funding round.
Last month, eSports startup GamingMonk raised ₹4 crore from a clutch of investors.