India: Alibaba-backed UCWeb launches $20m fund for gaming startups

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.

Some of the funded gaming startups are MadRat Games, a Bangalore-based toys and games maker, Moonfrog Labs and Mech Mocha Game Studios.

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.