Krafton doubles down on India with $250 million fresh investment; total commitment to hit $500 million
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Krafton Inc Chairman Byung Gyu Chang met Prime Minister Narendra Modi on Friday, reaffirming the South Korean gaming major's long-term commitment to India as the company looks to expand its investments and deepen its engagement with the country's gaming and technology ecosystem.
The meeting centred on strengthening India's position as a global hub for gaming, innovation and emerging technologies, Krafton said in a statement. The company, best known in India for its flagship game Battlegrounds Mobile India (BGMI), sees the country evolving beyond a large consumer market into an increasingly important base for game development and technology innovation.
BGMI maker plans to take India investment to $500 million
Krafton has invested $250 million in India so far and plans to deploy another $250 million over the next three to four years. The additional investment will take the company's overall commitment to the Indian market to $500 million.
Chang said India's combination of talent, technology capabilities and innovation potential was driving the company's continued investments in the country.
"India is a market of immense opportunity, with exceptional talent across gaming, technology and innovation. Our continued investments reflect our long-term confidence in India and our commitment to contributing to its digital economy," Chang said following his meeting with Modi.
He added that Krafton intends to work with India's expanding pool of creators, developers and entrepreneurs through investments, skill-development initiatives and a focus on emerging technologies.
"Through our investments, skill development initiatives and focus on emerging technologies, we look forward to working alongside India's growing community of creators, developers and entrepreneurs to build globally relevant experiences and technologies," Chang said.
Krafton, Naver launch ₹6,000-crore technology fund
Krafton's India strategy extends beyond gaming. Earlier this year, Krafton and South Korean technology company Naver Corporation launched the Unicorn Growth Fund with a corpus of ₹6,000 crore to support Indian technology companies.
Krafton CEO CH Kim has previously described India as one of the company's most important markets, citing not only its scale but also its potential to emerge as a global game-development hub.
Kim said India's large pool of young technology professionals and improving digital infrastructure could help the country transition from being primarily a consumption-driven market to becoming a creator economy for gaming.
"With a strong base of young, skilled technology talent and improving digital infrastructure, we see India evolving from a consumption-driven market to a creator economy for gaming. The Unicorn Growth Fund reflects our long-term commitment to this ecosystem," he said.
Gaming major bets on India's creator economy
The fund was launched after a high-level meeting involving Commerce and Industry Minister Piyush Goyal, South Korea's Industry and Trade Minister Jung-Kwan Kim, and the global CEOs of Krafton and Naver.
For Krafton, the growing Indian gaming market forms part of a wider technology opportunity spanning game development, digital innovation, entrepreneurship and emerging technologies.
The company's latest engagement with the Indian government signals its intent to build a longer-term presence in the country by combining capital investment with talent development and ecosystem-building initiatives.
With its planned additional investment of $250 million, Krafton is positioning India as a strategic market for its next phase of growth, while its partnership with Naver through the ₹6,000-crore Unicorn Growth Fund broadens its focus to the country's wider technology startup ecosystem. (With inputs from PTI)