Casual gaming studio QuriousBit has raised $2 Mn in a seed funding led by gaming-focused venture capital firm Lumikai. The funding round also saw participation from General Catalyst.
Founded by Ramakrishna Reddy Y L and Shubham Joshi, QuriousBit develops puzzle games.
QuriousBit said it will use the fresh funds to create a new benchmark in innovative puzzle games built in India for global audiences. The studio will also deploy the new capital to expand its team.
Commenting on the fundraise, founder Reddy said, “We see a huge opportunity in casual puzzle games beyond match-3 and blast genres. We believe some of these genres are ripe to disrupt with innovative core gameplay mechanics and deeper narratives.”
QuriousBit aims to build a world class gaming studio based out of India for the global audiences, he added.
QuriousBit’s founders were previously associated with PlaySimple Games which was acquired by MTG for $500 Mn in 2021. They claim to have together developed games with over 125 Mn installations, generating a revenue of over $350 Mn.
The development comes at a time when the number of gamers are on the rise in India, making the country an attractive market. As per a study by IMARC Group, the India mobile gaming market reached a valuation of $2.2 Bn in 2022 and is expected to reach a size of $5.9 Bn by 2028.
Last month, Singapore-based gaming company Ampverse announced its plans to set up a gaming studio in India. Earlier today, Neela Films, the maker of TV show Taarak Mehta Ka Ooltah Chashmah, announced its foray into the gaming sector.
Listed gaming company Nazara Technologies recently raised INR 510 Cr from the Kamath brothers of Zerodha and SBI Mutual Fund to acquire some gaming studios and enter new geographies.
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