Krafton backs IMM Investment’s maiden India fund

The India unit of gaming firm Krafton has backed IMM Investment’s maiden India fund as an anchor limited partner as the battle royale BGMI-maker broadens its investment bets in the South Asian market.

Seoul-based IMM Investment, an early backer of Krafton and roughly half of South Korea’s unicorn startups, has made the first close for India fund and hired former Legend Capital partner Prakhar Khanduja to run the local unit.

Nihansh Bhat, lead of corporate development for Krafton India, told TechCrunch that the IMM fund investment would help the gaming company tap into newer business categories and sectors in India.

IMM Investment’s India fund is the third venture firm that Krafton has backed in India. The firm, which has also backed 3one4 Capital and Lumikai, will continue to evaluate similar opportunities in the future, said Bhat. Krafton has invested more than $170 million in India and earmarked another $150 million for the country.

Khanduja said IMM Investment India will look to back startups operating at a Series A-level or beyond in sectors including consumer brands and tech, SaaS, fintech, gaming, media and deeptech. The India unit has made its maiden investment in Sugar, a leading cosmetics brand.