Mumbai-based game development studio GameEon Studios has raised US$1 million in its latest funding round to further expand and develop the Mumbai Gullies franchise.
Earlier, the studio raised US$500k for product prototyping and market testing, conducting trials in 12 countries and gathering insights from over 5,000 gamers globally. This round saw enthusiastic participation from investors including SucSeed Indovation Fund, Icebreaker Tech (Mrunal Jhaveri), IAN, CD Equifinance, Nexus Global Opportunities Fund, Vivek Goel (Tailwind Financial Services founder and director), Patni Family (via Bombay Founders’ Club) and Tal64. The funds will be used to finalise and launch the early chapters of Mumbai Gullies, a franchise that promises to combine cutting-edge game development with deeply rooted cultural storytelling.
“Mumbai Gullies is more than just a game; it’s a celebration of Mumbai’s vibrant culture, and we’re thrilled to be building this experience for a global audience,” said GameEon Studios CEO Nikhil Malankar. “We believe in crafting experiences that resonate not just in India but across the world, and this funding will help us bring that vision to life.”
With strong backing from investors, the studio is well-positioned to carve a niche in the global gaming market. GameEon Studios COO Kaustubh Jadhav added, “The response to our testing has been tremendously positive, and it strengthens our belief that India can deliver world-class gaming experiences.”
Icebreaker Tech (Ice.VC) founder Jhaveri said, “GameEon’s commitment to high-quality production and immersive storytelling perfectly aligns with the type of innovation we seek back at Ice.VC. I believe this franchise has the potential to not only thrive locally but also create a lasting impact on the global gaming stage.”
SucSeed Indovation Fund co-founder and managing partner Vikrant Varshney said, “We are excited to continue our support for GameEon, an exceptional team of game developers, designers, and artists with a strong track record of creating high-quality games. This investment is an extension of our previous investment and reaffirms our belief in their ability to lead in the rapidly growing Indian gaming market. With their deep understanding of marketing and publishing, coupled with their innovative approach to game development, GamEon is well-positioned to capitalise on the opportunities in this US$3.49 billion market, which is set to more than double by 2029.”
The investment team of CD Equifinance remarked, “CD Equifinance invests in GamEon to tap into India’s vast gaming potential with a significant CAGR. Catering to the young Indian demographic, the quality and gaming experience of Mumbai Gullies matches internationally developed games, with culturally relatable elements. The company is poised to revolutionise the evolving Indian casual gaming landscape with the recent fundraise.”
This investment will accelerate the creation of AA and AAA games for PC and console, with select titles also being available on mobile platforms.
