In a landmark development in the mobile gaming industry, BlackLight Games, the renowned mobile gaming studio, has successfully raised an undisclosed amount of funding in its inaugural institutional financing round. The financing effort was spearheaded by Udyat Ventures, the family office of Udyat Ventures Managing Director, Harsh Gupta, and saw the participation of notable players including Manish Agarwal’s startup, Kratos Studios, Polygon Ventures, and Dexter Ventures.
Founded in 2011 by Anupam Srivastava and Shruti Sarraf, BlackLight Games has made a name for itself by creating immersive social multiplayer games tailored for mobile devices. With an impressive track record of over 200 million downloads across three titles, including their flagship game, Ludo SuperStar, the studio is now poised for significant expansion.
The infusion of funds is earmarked to drive BlackLight Games’ expansion into new markets, facilitate the recruitment of top-tier talent, and harness the transformative potential of artificial intelligence (AI) and machine learning (ML) to elevate player experiences through personalized gaming. Anupam Srivastava, co-founder of BlackLight Games, expressed his enthusiasm for the future, stating, “The Indian gaming ecosystem is on the verge of a significant upsurge. Through the utilization of AI and ML in gaming, we are crafting an unparalleled gaming experience.”
Shruti Sarraf, the co-founder of BlackLight Games, echoed this sentiment, emphasizing their long-standing vision of establishing a global brand for classic games. She noted, “From the very start, our aim has been to establish a global brand for classic games. The vast global stage holds immense potential, with billions of smartphone users, each a potential gamer.”
Rahul Gupta, Managing Partner at Udyat Ventures, praised the founders’ dedication and entrepreneurial qualities, stating, “Anupam and Shruti have already done an amazing job of building BlackLight grounds up and showcase the required grit and qualities of great founders.” The strong vote of confidence from Udyat Ventures and other prominent investors underscores BlackLight Games’ potential to execute its ambitious vision.
Manish Agarwal, former CEO of Nazara Technologies and the founder of Kratos Studios, expressed his belief in BlackLight Games, emphasizing their data-driven approach and strong work ethic. He commended their journey of bootstrapping BlackLight Games and expressed optimism that the recent funding round would enable the studio to successfully expand into global markets.
India’s video games market has been experiencing rapid growth, establishing itself as the fastest-growing market in Asia. Both revenue and the number of gamers are on the rise, with mobile and PC gaming revenue projected to reach $868 million in 2023, according to market research and consulting firm Niko Partners. Moreover, this growth is projected to continue at a compound annual growth rate of 17.2 percent over the next five years, ultimately reaching $1.58 billion by 2027. Notably, these figures do not encompass revenue generated by real money games.
