Krafton backs IMM Investment’s first India fund

The Indian arm of gaming firm Krafton has backed IMM Investment’s first India fund as an anchor limited partner.

Seoul-based IMM Investment, an early backer of Krafton and an investor in roughly half of South Korea’s unicorns, has marked the first close of the India fund and has hired former Legend Capital partner Prakhar Khanduja to run it.

Nihansh Bhat, lead of corporate development for Krafton India, told TechCrunch that IMM’s investment would help the gaming company tap newer business categories and sectors. He said the firm will continue looking for similar opportunities in the country.

This is the third venture firm that Krafton has backed in India, after 3one4 Capital and Lumikai. Krafton has invested more than $170 million in the country and earmarked another $150 million for investment.

Khanduja said IMM Investment India will look to back startups at the Series A stage or later, operating in sectors such as consumer, tech, SaaS, fintech, gaming, media, and deep tech. The Indian unit’s first investment was in Sugar, a leading cosmetics brand.