What Lumikai does

Lumikai is an India-focused early-stage venture capital fund dedicated to interactive media, digital platforms, and gaming. Founded in 2021 and headquartered in Gurugram, the firm operates as Lumikai Interactive II LLP, with its primary fund vehicle, Lumikai Fund II, registered as a Category II Alternative Investment Fund with SEBI (Reg. No. IN/AIF2/23-24/1289). The fund deploys pre-seed through Series A capital, with cheques of up to $500K through the Day Zero Lumikai Pixels program and up to $2M at seed stage, into a portfolio that spans 14+ companies across mobile gaming, live social entertainment, virtual fashion, VR/AI training, and AI-enabled consumer platforms.

The firm pairs capital with sector-specialist support including a mentorship program featuring operators from Napster, Mistplay, Jagex, Krafton, NCSOFT, and Colopl Next, and operational perks from Amazon, Google, and Microsoft. Beyond capital deployment, Lumikai operates a content and research platform consisting of the annual State of India Interactive Media Report (citing a $13.8Bn market growing 17% YoY), the Swipe Before Type consumer study, the Alpha Women podcast in partnership with Spotify and Outlook Business, and the Pixels Blueprint video series. Founder Salone Sehgal is recognized as the world's first female GP of an interactive media and games VC fund.

Lumikai's business model is that of a conventional venture capital fund: revenue is generated through management fees on committed capital and carried interest on successful portfolio exits. The fund is anchored by the world's largest media and gaming conglomerates as LPs, and the firm has increasingly extended its reach through partnerships with IAMAI, the Meta Gaming Accelerator alongside Bitkraft Ventures, Kalaari Capital, and Elevation Capital, and follow-on participation across portfolio rounds. The firm is independently owned, with no parent company, and operates exclusively in the Indian market.

Name

Lumikai

Legal name

Lumikai Interactive II LLP

Website

http://www.lumikai.com/

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Lumikai is India's pioneering early-stage venture capital fund focused on interactive media, gaming, and digital platforms, deploying pre-seed to Series A capital through SEBI-registered Fund II, supported by a sector-specialist mentor network and proprietary market research.

Ownership category

akta.pro rank

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Fund Management: Lumikai generates returns through equity investments in early-stage interactive media, gaming, and digital platform startups. The fund operates as Lumikai Fund II, a Category II AIF registered with SEBI (Reg. No. IN/AIF2/23-24/1289), managed by Lumikai Interactive II LLP. Returns are generated through portfolio company exits via acquisitions, IPOs, or secondary sales.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Lumikai is a venture capital fund that invests equity capital in early-stage (pre-seed through Series A) Indian startups building interactive media, gaming, and digital platform products. The fund is structured as Lumikai Fund II, a SEBI-registered Category II Alternative Investment Fund managed by Lumikai Interactive II LLP, and complements direct investments with the Lumikai Pixels Day Zero accelerator program offering up to $500K initial funding plus mentorship. Returns are generated through portfolio company exits via acquisitions, IPOs, or secondary sales.

Product overview

Lumikai is India's pioneering venture capital fund focused on interactive media, digital platforms, and gaming. The firm operates two primary offerings: Lumikai Fund II, a SEBI-registered Category II AIF that makes equity investments in early-stage startups, and Lumikai Pixels, a Day Zero accelerator initiative providing up to $500K in initial funding along with mentorship, office hours, and startup credits. The firm also publishes industry research including the annual State of India Interactive Media Report and consumer research reports like Swipe Before Type. Additionally, Lumikai produces content series including the Alpha Women podcast (in partnership with Spotify) and the Pixels Blueprint video series featuring founder interviews. The firm is headquartered in Gurugram with AIF registration number IN/AIF2/23-24/1289.

Differentiator

Problem solved

Functional benefit

Brands

• Lumikai Pixels: Day Zero initiative backing bold, experimental ideas in interactive media, digital platforms, and games with up to $500K funding and mentorship support.

Products and services

• Lumikai Fund II India-focused venture capital fund (Category II AIF, SEBI Reg. No. IN/AIF2/23-24/1289) that invests in early-stage interactive media, digital platforms, and gaming companies, generating returns through equity investments and portfolio company exits.
• Lumikai Pixels Day Zero startup accelerator program for early-stage interactive media founders offering up to $500K initial funding, fast decisions within a week, mentorship from industry leaders, office hours, and exclusive startup credits from Amazon, Google, and Microsoft.

Quantifiable outcome

• Portfolio includes 14+ companies across interactive media and gaming
• +1 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered minor and core.

• Amazon, Google, MicrosoftminorGTM or Marketing PartnerPartner organizations providing exclusive startup credits and perks (cloud credits) to Lumikai Pixels portfolio companies.
• Krafton IndiaminorGTM or Marketing PartnerPartner mentor organization through Lumikai Pixels mentorship program, providing gaming industry expertise and guidance.
• Meta Gaming AcceleratorminorGTM or Marketing PartnerVC fund partner in Meta's Gaming Accelerator initiative supporting 20-30 emerging Indian game developers and studios alongside Bitkraft Ventures, Kalaari Capital, and Elevation Capital.
• IAMAI (Internet and Mobile Association of India)coreStrategic or Co-development PartnerPartnership for webinar series unpacking Lumikai's State of India Interactive Media Report 2025. Joint industry engagement on India's interactive media economy.
• SpotifyminorGTM or Marketing PartnerPodcast distribution partner for Alpha Women podcast series featuring conversations with women shaping India's industries.
• Outlook BusinessminorGTM or Marketing PartnerMedia partner for Alpha Women podcast series alongside Spotify.

Scale indicators5 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• London Venture Partners (LVP): Pioneer gaming and interactive entertainment VC fund. Highly comparable to Lumikai given Founder Salone Sehgal was previously a Principal at LVP, mirroring the same sector-specialist gaming investment thesis.
• Makers Fund: Global gaming-focused VC investing in early-stage interactive entertainment companies. Direct peer to Lumikai with the same sector specialization and similar early-stage cheque size philosophy.
• Play Ventures: Early-stage gaming VC fund investing across game studios, platforms, and infrastructure. Closely comparable to Lumikai given its specialist gaming focus and global seed/Series A positioning.
• Galaxy Interactive: Galaxy Digital's interactive media and gaming venture arm. Directly comparable to Lumikai as a specialist investor in interactive entertainment and digital platforms.
• Konvoy Ventures: Early-stage gaming and interactive media VC fund. Direct peer to Lumikai as a sector-specialist gaming investor with comparable cheque sizes and stage focus.
• Bitkraft Ventures: Global early-stage gaming and interactive media venture fund. Directly comparable to Lumikai as a sector-specialist gaming VC; co-participates with Lumikai in the Meta Gaming Accelerator India program, putting the two on overlapping deal flow.

Broad incumbents

• Elevation Capital: India-focused early- to growth-stage VC. Comparable as a co-participant in Meta Gaming Accelerator India alongside Lumikai, with broader India consumer/tech exposure than Lumikai's gaming focus.
• Waterbridge Ventures: India-focused early-stage VC fund. Comparable as a frequent co-investor with Lumikai (co-led Eloelo pre-Series A) and broadly aligned in stage focus, though with a portfolio spanning consumer/tech beyond gaming.
• Kalaari Capital: Early-stage India-focused venture capital firm. Comparable as a co-investor in Lumikai's portfolio (co-led Eloelo's $13M Series A) and participant in Meta Gaming Accelerator India, with broader sector exposure than Lumikai.

Emerging players

• Hiro Capital: Early-stage VC focused on games, metaverse, and frontier tech. Comparable to Lumikai as a specialist gaming/interactive media investor, with a UK/EU tilt that creates geographic complementarity rather than direct India overlap.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Lumikai
• LinkedInlinkedin.com/company/lumikai

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments31 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lumikai