Krafton India, the local subsidiary of the Korean maker of Battleground Mobile India, has become the anchor investor in IMM Investment’s first India fund.
IMM India Fund is an extension of IMM Investment, a Korean multi-asset fund with $7 billion of assets under management. The company focuses on supporting startups across sectors such as consumer technology, software-as-a-service, fintech, gaming, media, and deep technology.
The fund will primarily target growth-stage companies with high potential for initial public offerings, leveraging Korean expertise and capital, the company said in a statement.
IMM’s investments range from $1 million in seed capital to approximately $1 billion in growth and infrastructure capital.
“Our partnership with IMM marks an exciting new chapter in our journey to foster India’s startup ecosystem. By further bringing Korean capital, expertise and global perspective to the Indian market, We aim to help startups in critical sectors scale and prosper, ultimately strengthening India’s position on the world stage,” said Shaun Hunil Son, CEO, Crafton India. Ta.
IMM India Fund has completed its first investment in Velvet Lifestyle, the parent company of Mumbai-based beauty and personal care brand Sugar Cosmetics.
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Besides direct investments, Krafton India’s strategy also includes a fund of funds approach, which allows it to tap into high-potential sectors beyond its core focus. In August 2023, Krafton announced plans to invest $150 million in Indian startups over the next two to three years. Krafton’s other investments in India include Nodwin Gaming, Pratilipi, KukuFM and Loco. It also includes investments in venture capital funds such as 3one4 Capital. And Lumikai. The company is in talks with other prominent Korean investors to bring additional capital into India and expand its presence in the country’s startup ecosystem.
Mr. Crafton has invested approximately $170 million in several Indian startups.
“We are excited to join India’s fast-growing startup market. For 25 years, IMM Investment has been investing in notable startups in South Korea and supporting them through various stages of growth. The partnership between Krafton and IMM brings together deep expertise in building systems to support startups in India,” said Il Bu Jun, President, IMM Investments.
