Game developer, publisher and distributor Nazara Technologies has set up a seed-stage fund aimed at investing in start-ups in the games industry.
Nazara has invested Rs 5 crore into the fund, with another Rs 5 crore to be put in after the initial funds are exhausted, Techcircle reports.
The Rs 5 crore is entirely Nazara's money. However, we are also tying up with other funds who want to co-invest with us; so the collective amount can end up being upwards of Rs 20 crore,” Nazara Group founder and CEO Nitish Mittersain said.
The company intends to invest between Rs 25 lakh and Rs 50 lakh in each gaming start-up, with a special focus on Indian mobile game developers, in exchange for a stake in those companies.
Nazara intends to invest in six-to-eight companies in 2014, and another six-to-eight in the following year.
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