Chinese mobile internet company UCWeb Inc has announced a $20 million funding program for Indian startups producing games and apps.
The company announced the development at the PocketGamer Connects conference in Bangalore. The program, called ‘9Apps In Dev’, will act like an accelerator.
Alibaba-backed UCWeb plans to back 100 Indian gaming startups with a ticket size of upto $500,000. Besides providing funding, 9Apps will also help these companies gain more users, monetize their platforms, publish games and promote their products.
The Indian gaming industry currenty has 250 game developers, a rise of ten times since 2010, according to Franchise India.
According to a research study by Newzoo and OneSky, the gaming market in India will grow to $571.6 million at 134.5 per cent compounded annual growth rate (CAGR) this year.
However, mobile video gamers in India are less likely to pay for their gaming activities than their counterparts in other BRIC countries. This is where UCWeb’s experience will help the companies figure out ways to make money.