IDG
Ventures India and SoftBank's Bodhi Investment LLC shall invest in Kreeda
Games, India's online multiplayer games company. Manik Arora from IDG Ventures
India and Anil Viakara from SoftBank's Bodhi will join the company's Board of
Directors. In India, the market of these games is nascent with only a few
companies today targeting a US $5 million market, but is expected to grow to US
$210 million by 2010, according to NASSCOM.
IDG
Ventures India and SoftBank's Bodhi Investment LLC, managed by SoftBank China
& India Holdings announced their joint Series A investment in Kreeda Games,
India's online multiplayer games company. This investment marks a key milestone
for the Indian online games industry both IDG and SoftBank are considered
domain experts in online games in emerging markets having previously invested
in market leaders such as IDG's Vinagames in Vietnam. As part of the
investment, Manik Arora from IDG Ventures India and Anil Viakara from
SoftBank's Bodhi will join the company's Board of Directors. Kreeda's founding
management team comprises of seasoned digital media professionals from around
the world that bring together experience from the fields of animation,
technology and online game operations. CEO Quentin Staes-Polet, who was
previously IBM's Media and Entertainment Practice Leader for Asia Pacific,
leads the company. Other core team members include Chief Games Officer Ramesh
Anumukonda, an early pioneer in game production and animation in India, and
Chief Technology Officer Robin Alter, a digital media technology architecture
expert from the US.
Online
multiplayer games are played on the Internet simultaneously by thousands of
people in virtual worlds. The market for these games is over US $4 billion
globally and growing at a rapid pace. In India, the market is nascent with only
a few companies today targeting a US $5 million market, but is expected to grow
to US $210 million by 2010, according to NASSCOM. Kreeda's initial approach is
to license successful game titles from around the world and bring them to
India. The international games will be localized to appeal to the unique tastes
of Indian game players employing local audio, video and cultural elements.
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