A mobile gaming startup known as Mech Mocha Game Studios which is based in Bengaluru has raised a sum of $10 million (Rs 71 crore) as a part of its ongoing Series B funding round.
With this, the company is expecting to raise around $5-6 million for the first close from new and existing investors, Arpita Kapoor. She is the co-founder and chief executive of the venture.
“We will be closing the targeted sum soon,” Arpita Kapoor said.
South Korea-based Neoplux, the private equity and venture capital arm of Doosan Corp, and Akatsuki, the investment arm of Japanese mobile gaming company are the new investors in this round.
Along with this, Accel Partners, Shunwei Capital and Blume Ventures will also participate in the funding round.
The company is planning to use these funds to develop its multiple vernacular gaming products, initially targeted only at Hindi speaking users. According to the response received, the startup will also extend the products to other local languages.
“We have tried to build the game around conversations, where any player can meet others on the HelloLudo platform and have a conversation with them. The platform is generating encouraging organic traction and is already seeing 15 million minutes of conversation per month,” Kapoor said.
A aprt of funds will also be utilized to develop HelloLudo, a digital mobile version of the popular game Ludo. Its Android app installs have already crossed five lakh.
Prior to this, the gaming startup raised $5 million (Rs 32 crore then) in a Series A round led by Accel Partners and Shunwei Capital. For the financial year 2017-18, the company saw a four-fold rise in gross revenues at Rs 60.96 lakh, up from Rs 13.94 lakh.