GamingMonk is a company that was founded in 2014 by Abhay Sharma and Ashwin Haryani. The company works in the gaming sector which is one of the many booming sectors in the country. This company helps gamers get into an ecosystem of gaming tournaments and any kind of gaming content followed with all kinds of gaming engagements.
The online gaming industry in India is a huge market right now. It is growing at a right pace and is approximated to reach around INR 11,900 Cr by the FY 2023. According to a KPMG report, the Indian gaming scene is going to reach around $628 million in 2020 which was at $25 million in 2010. This report was jointly produced by KPMG and Indian Federation of Gaming sports.
Citing such growth, GamingMonk has decided to expand its functions to all of India. The seed funding is already raised by the company from the likes of Incubate Fund, Rajan Anandan, Stellaris Ventures, Smile Group, AdvantEdge Founders and Samir Khurana. However, the real deal happened a few days back when GameWith, a Japanese company based on similar functions invested in GamingMonk.
GameWith invested around $100 thousand in the company. The Japanese company saw the 500% growth in the user base of the Indian company. The funding is going to be used for product development, team building, and also brand marketing. Ashwin Haryani, co-founder of GamingMonk said that the Indian gaming scene is still a novice and there is a lot of room for improvement. This partnership, according to him will help the company flourish in the future as he hopes to change the experience of gaming in India.
“We are very excited about the GameWith-GamingMonk collaboration and are very sure that soon the Indian gamers will experience something big like never before! The Indian Gaming Industry is still at its infancy stage and needs the expertise of stalwarts like GameWith to flourish at its best and with this partnership we are very hopeful to change the experience of our gamers as well the perceptions of non-gamers,” he said in a press release.
Abhay Sharma, the other founder of the company talked about how GameWith will help the company in building a better product. The Indian gaming market, according to Abhay will also benefit from the same. He said, “There are exciting times ahead for the 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.”
That being said, the company is looking forward to the future. The gaming industry is going to shoot up in a few years and the startups which already exists will have a huge market to cater to.