Lumikai is thrilled to announce its recent investment in Mayhem Studios!
Led by Ojas Vipat, former product leader at Tencent who contributed to the early success of PUBG Mobile, Mayhem Studios is developing 'Underworld Gang Wars' (UGW), a fresh take on the battle royale genre. The game aims to set a new standard in mid-core gaming in India with immersive, culturally rich gameplay elements.
This partnership with Mayhem Studios, underscores Lumikai’s commitment to backing innovative gaming IPs that resonate widely, and aligns with our vision of fostering world-class games from India and delivering world class experiences to Indian gamers.
India’s gaming market is witnessing rapid growth, with an estimated market size of $7.5B by FY28 growing at a CAGR of 20%. The welcome shift towards IAP based monetization, estimated to be growing at 46% and reaching over $3B by FY28E, is an indication of increasing willingness to pay. This trend, along with rising paying user conversions prove to be significant tailwinds for the growing mid-core genre segment in India. As per our research, 61% of non-gamers have expressed interest in Indian themes and cultural context as a reason to play games, demonstrating the strong market potential for UGW, a game deeply rooted in Indian culture.
We are excited by Mayhem Studios’ commitment to building innovative gaming experiences for the Indian gamer, with a stellar team to execute upon their vision.
We look forward to supporting Mayhem Studios and partnering with them in their journey as they set out to build a world-class game from India to engage and entertain users in India and the world.
Read more about the funding announcement here.
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