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Justin Shriram Keeling
Founding General Partner, Lumikai Fund
Justin Keeling, a Tokyo-based investor, road tripper, and occasional film producer, with a diverse professional background. He is an optimist hailing from New Delhi and has a keen interest in dogs. Justin has a post-graduate degree in Business & Corporate Strategy from the University of Cambridge, a Bachelor's degree in Business and Japanese from Durham University, and a varied educational background from The King's School, Canterbury. He has been associated with several notable organizations in different positions, including Lumikai Fund, Macrometa Corp., Streamline Studios, Shriram Interactive Pvt., Bullfinch, NDF International, UTV Ignition Entertainment, Fox Interactive Media UK, G4 Television, Ionark Ltd., and BBC Worldwide.
Highlights
Today I'm thrilled to announce the launch of Lumikai Fund II, a brand new vehicle investing into the vanguard of India's gaming and interactive media pioneers. This new fund brings Lumikai's total investment into the sector to $100M.
When we started Lumikai, we had a firm belief that India's gaming and interactive markets were on the cusp of a one in a lifetime inflection point. Some didn't share our view. "There are not enough founders. India doesn't monetise. There are no exits."
Fast forward less than three years, and it's safe to say that all these assumptions have been blown out of the water. Lumikai has met over 1,400 founders in the last two years, and that pipeline's just getting started. We have 98% coverage of the market, with founders consistently coming to us first. We've worked hard to earn that trust in the founder community.
On a macro-level, India's gaming industry growth has been truly transformative. There's six billion dollars of new revenue coming into the market over the next 4-5 years. India consumed 15B game downloads last year, more than China and the US combined. There are over 500M gamers in the country today. The number of gaming companies has grown 30x, and ARPUs have 10xed in the last five years. We have already had three gaming unicorns, over $750M in gaming M&A, and India's first gaming IPO in the last two years.
We are joined on our Fund II journey by many of the iconic global strategic LPs that have supported us since day one, as well as some new partners. And for the first time, we have debuted an India AIF to accept rupee capital into Fund II, and seen participation from some of the nation's top strategics and family offices. We are immensely grateful to all of you.
The industry has come a long way, but we're just getting started. Our vision at Lumikai is to build a multi-decade, multi-fund franchise, and catalyse India to become the next gaming superpower. To all our friends, partners, founders, and collaborators, a big thank you for coming on this journey with us. The best is yet to come.
A special shout out to the best damn team in the business, give it up for Salone Sehgal Devadatta Rajadhyaksha Kislay Shashwat Tanya Dubey Aditya Deshpande and Nidhi Bavishi. Game on!
Read more here:
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