VC firms DeVC and Visceral Capital along with a clutch of prominent angel investors including Swiggy co-founders Sriharsha Majety and Nandan Reddy, CRED’s founder Kunal Shah, former CEO of Nazara Technologies Manish Agarwal, Sameer Pittalwala, Head of Gaming, Google Cloud (APAC) among others have invested $700K in pre-seed funding in casual game developing and publishing company Felicity Games.
Founded in 2023 by former Swiggy executive Anurag Choudary, Felicity said it has launched over 10 game titles played by over a million monthly users across 14 geographies. The company rapidly prototypes and tests casual games in partnership with Indian game developers for commercial viability and scale the successful ones.
According to the company, the fresh capital will be deployed to test 10 more games by March 2025. Felicity said it is aiming to scale the revenue 10x by the end of 2024.
“Given our cost and skill advantages, Felicity Games is well placed to build a multi-million dollar casual gaming business from India for the world,” Anurag Choudhary, Founder & CEO, Felicity Games. The company also partners with studios and brands to co-create intellectual properties (IPs).
Speaking on the investment, Divyanshi Chowdhary, Founding Member of DevC said, “Felicity combines an objective approach to commercial testing with iterations on non-conventional channels to drive risk-adjusted growth for new IPs, unlocking developer-friendly publishing for the indie ecosystem.”
With widespread smartphone penetration, improved internet connectivity, a growing youth population, and the development of local gaming content, India’s online gaming market is expected to grow at a CAGR of 28 per cent from reaching Rs 16,428 crore in FY23 to Rs 33,243 crore, as per a report by EY India in December 2023
Moreover, the report said the sector is likely to attract Rs 22,931 crore between FY20 and FY24 YTD from domestic and foreign sources. The sector is also expected to expand job opportunities to 2.5 lakh by 2025 from around 1 lakh till December last year.