Digital entertainment company Hungama, along with Hindustan Talkies, a film and digital content production house, made a strategic investment of $ 500,000 in the Indian Gaming League (IGL) esports platform, launched in 2016. IGL said it will use the funds to acquire new users and develop new features to increase engagement on the platform.
âWe are thrilled to invest in Indian Gaming League to help the platform grow further and provide players nationwide with a unique competitive experience on a scale that has never been seen before. At Hungama, our plan is to engage over 10 million players over the next two years with our esports initiatives, âsaid Neeraj Roy, Founder and CEO of Hungama Digital Media.
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The funding will also be used to kick off Season 1 of the Indian Gaming League Championship Cup, a 45-day tournament that will see users enter six games and win prizes. The tournament will end with the Indian Gaming League Awards which will recognize the championship winners.
âToday, the gaming industry is growing faster than the rest of the entertainment industry and shows no signs of slowing down. Additionally, India has the largest youth population in the world and with its evolving broadband infrastructure and affordability, we expect esports to continue to soar and create more uproar. For Hindustan Talkies, its association with electronic sports allows it to embark on another exciting form of entertainment, âsaid Ashish Chowdhry, director of Hindustan Talkies.
Indian Gaming League claims it has grown its user base more than 3 times over the past 12 months and has hosted over 3,000 gaming tournaments in 2020.
âEsport is still in its infancy in India. The arrival of Hungama and Hindustan Talkies will help us reach a wider audience and take esports to new heights. We are delighted that we can count on their expertise and mentorship to guide us in the right direction and realize our vision of making esports a household name, âsaid Yash Pariani, CEO of the Indian Gaming League.
The online gaming industry is expected to grow at a compound annual growth rate (CAGR) of 40% to $ 2.8 billion by 2022, up from $ 1.1 billion in 2019, according to a report from Deloitte India .
True, Indian gaming platforms have attracted over $ 450 million in the past six years. Some recent investments include those of Mobile Premier League, which raised $ 90 million in 2020 from Pegasus Tech Ventures and others, JetSynthesys (raised $ 40 million from DSG, Jetline and Triveni Engineering & Industries) and Reliance Jio , which invested in mobile game startup Krikey. , among others.
mint reported that several companies have also entered the booming esports market in India.
Tech Mahindra, for example, has said it will organize a world chess league. Jio launched its first mobile esports tournament around the game Garena Free Fire. Telecoms player Airtel has partnered with esports company NODWIN Gaming to create the first national ranking and awards system that would rank all esports players in the country.
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