Gaming Monk has received a strategic investment of USD 100,000 (around Rs. 70 lakh) from a Japanese gaming media company – Gamewith. The company had released a statement that the strategic partnership is expected to benefit from the synergies, collaboration and support for the Indian online gaming industry.
The funding which has been provided by GameWith will be used for developing the product, building the team and brand marketing. However it was not revealed at what valuation the company was being considered for the investment or the stake that was being held by GameWith.
Takuya Imaizumi, CEO of Gamewith said “The gaming industry in India has strong growth potential and GamingMonk, led by a strong management team, is well position to further benefit from industry trends. We are excited about the company’s growth prospects and proud to have this opportunity to support the journey.
Abhay Sharma, co-founder of GamingMonk, added “These are exciting times ahead for gamers in India. GameWith brings a lot on board with their experience and leading position in the Japanese market. Their insights will help us in building a better product for the Indian gaming market’.
In October 2018 GamingMonk has raised Rs. 4 crore in a seed funding round which saw participation from several companies such as the Japan based Incubate Fund; Rajan Anandan (VP of Google India & South East Asia), Stellaris Ventures, Smile Group, AvantEdge fund, Samir Khurana and a few others.
Abhay Sharma and Ashwin Haryani founded GamingMonk in 2014 to provide a platform for esports players to engage and compete in esports tournaments through their website as well as offline events. The gaming portal allows players to compete with each other through games like PUBG, FIFA 2019, Counter Strike and Fortnite apart from providing news related to the esports and gaming industry.