Kuro Game

What Kuro Game does

Kuro Games (库洛游戏) is a privately held Chinese video game developer founded in 2014 and headquartered in Guangzhou, China. The company develops, operates, and distributes free-to-play gacha games for a global consumer audience of mobile, PC, and console gamers. Its flagship title, Wuthering Waves, is a story-rich open-world action RPG in which the player character 'Rover' journeys with a cast of 'Resonators' to reclaim lost memories. Launched globally in May 2024 after 30 million pre-registrations, Wuthering Waves is distributed across PC (Steam, Epic Games Store, an own launcher), PlayStation 5, mobile (iOS/Android), and — from July 2026 — Xbox Series X/S, Xbox PC, and Xbox Cloud with Game Pass rewards. By April 2025 the game had surpassed 30 million downloads and $204.26 million in mobile in-app purchase revenue, with Japan ($60.4M), China ($43.5M), USA ($29.6M), and South Korea ($29.3M) as its top markets.

The company's second active title, Punishing: Gray Raven, is a mobile action RPG featuring bionic humanoids known as 'Constructs' fighting against the 'Punishing Virus'; it has been in open beta since 2019 and continues to ship major IP crossover events (NieR:Automata, BLACK★ROCK SHOOTER, Devil May Cry 5). Revenue is generated primarily through gacha-style in-app purchases (character banners, weapons, cosmetics) and cross-promotional IP partnerships; live-service operations follow approximately 42-day version update cycles.

Technically, Wuthering Waves is built on Unreal Engine 4.26 with custom porting of Unreal Engine 5 features, notably Lumen global illumination, achieving console-quality graphics while preserving mobile compatibility — a custom implementation described by a technical expert from Indie-us Games as 'borderline perverse'. The company has no disclosed AI/ML capability, API platform, patent portfolio, or external funding rounds in the provided data, with no parent company, subsidiaries, or merger and acquisition activity identified.

Name

Kuro Game

Legal name

Kuro Games

Website

https://kurogame.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

101–250 employees

Short description

Kuro Games (库洛游戏) is a privately held Guangzhou-based video game developer operating free-to-play gacha games globally. Its titles — notably the open-world action RPG Wuthering Waves and Punishing: Gray Raven — generate revenue via in-app purchases across mobile, PC, PlayStation 5, and Xbox platforms.

Ownership category

akta.pro rank

Product category

Open-World Action RPG Games

NAICS

Software Publishers (5132)

akta.pro primary industry

Social/UGC & Sandbox Game Studios (Roblox-like) (MPAFAAAF)

Keywords

• Video game development
• Action RPG games
• Gacha game mechanics
• Free-to-play mobile games
• Open-world gaming

Headquarters

HQ city

Guangdong

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Free-to-Play with In-App Purchases: Core revenue model for Wuthering Waves as a free-to-play gacha RPG. Revenue generated through in-game purchases including character banners, weapons, and cosmetic items. Mobile version alone earned $204.26 million from in-app purchases across Japan ($60.4M), China ($43.5M), USA ($29.6M), and South Korea ($29.3M). Achieved second most-lucrative month on mobile in February 2026 following version 3.1 update driven by strong narrative content.
2. Brand Partnerships and Crossovers: Revenue generated through cross-promotional partnerships including Cyberpunk: Edgerunners collaboration featuring characters Lucy and Rebecca. Rebeccas obtainable for free as first free 5-star Resonator since Xiangli Yao, with monetization through related character banners and in-game purchases.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Kuro Games develops, publishes, and operates free-to-play gacha open-world and mobile action RPGs for global audiences. Its flagship product, Wuthering Waves, is a story-rich open-world action RPG where players control Rover alongside a cast of Resonators to reclaim lost memories, distributed on PC, mobile, PlayStation 5, and Xbox. Its secondary active product, Punishing: Gray Raven, is a mobile action RPG in which players lead bionic humanoids called Constructs against armies infected by the Punishing Virus.

Product overview

Kuro Games operates a portfolio of two flagship interactive entertainment products. Wuthering Waves is the primary open-world action RPG (core platform), while Punishing: Gray Raven is a mobile-focused action RPG featuring Constructs — both share free-to-play gacha mechanics with live-service content updates. A legacy title, Battlefield Twin-tails, completed its lifecycle. The company develops, operates, and distributes its games across global markets (Japan, Korea, Southeast Asia, Europe, Americas) via platforms including PC (Steam, Epic), PlayStation 5, Xbox, and mobile.

Differentiator

Problem solved

Functional benefit

Products and services

• Wuthering Waves A story-rich open-world action RPG with a high degree of freedom. Players wake from slumber as Rover, joined by Resonators on a journey to reclaim lost memories. Available on PC (Steam, Epic Games Store, own launcher), PlayStation 5, Xbox Series X/S, Xbox PC, Xbox Cloud, iOS, and Android, with live-service content updates on an approximately 42-day cycle.
• Punishing: Gray Raven A mobile action RPG in which players, as the Commandant, lead humanity's last hope — the bionic humanoids known as 'Constructs' — in the fight against mechanical armies infected by the 'Punishing Virus'. Features ongoing collaborations with NieR:Automata, BLACK★ROCK SHOOTER, and Devil May Cry 5.
• Battlefield Twin-tails An early title developed by Kuro Games that launched its open beta in 2016; classified as a legacy product in the company's current portfolio.

Quantifiable outcome

• 30 million+ downloads across PC and mobile
• +3 more outcomes

Named customers4 records

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered flagship and core.

• CD Projekt RedflagshipStrategic or Co-development Partner · 1 June 2026Major crossover collaboration between Wuthering Waves and Cyberpunk 2077/Edgerunners. Features Lucy and Rebecca from Night City as playable 5-Star Resonators, with Rebecca obtainable for free. Lucy uses her Monowire and Rebecca wields her signature massive guns in combat. Includes Somnoire: Night City region. Part of Version 3.4 update.
• Microsoft XboxflagshipChannel Partner/ Reseller/ Distributor · 1 March 2026Wuthering Waves officially launching on Xbox Series X/S, Xbox for PC, and Xbox Cloud in July 2026. Includes exclusive Game Pass subscriber rewards. Marks Kuro's expansion to a third major platform after PC and PS5.
• Devil May Cry 5coreStrategic or Co-development Partner · 1 May 2025Punishing: Gray Raven x Devil May Cry 5 crossover collaboration in May 2025, bringing Devil May Cry characters and content into the game.
• BLACK★ROCK SHOOTERcoreStrategic or Co-development Partner · 1 August 2023Punishing: Gray Raven x BLACK★ROCK SHOOTER crossover collaboration in August 2023, integrating the iconic anime franchise into the game.
• NieR:AutomatacoreStrategic or Co-development Partner · 1 January 2021Punishing: Gray Raven x NieR:Automata crossover collaboration in January 2021, bringing characters and content from the acclaimed NieR franchise into the Punishing: Gray Raven universe.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Aniplex: Publisher of Fate/Grand Order, one of the world's highest-grossing gacha RPGs. Comparable in gacha RPG category with anime IP-driven content strategy mirroring Kuro's IP crossover approach (Cyberpunk, NieR, Devil May Cry).
• miHoYo / HoYoverse: Chinese-founded global gacha game developer behind Genshin Impact, Honkai: Star Rail, and Zenless Zone Zero. The most direct peer to Kuro - same open-world action RPG category, same gacha monetization, same global cross-platform distribution, and overlapping anime aesthetic targeting the same audience.
• Hypergryph: Developer of Arknights, a flagship tower-defense gacha with global mobile distribution. Comparable to Kuro as a Chinese-developed, globally successful gacha title with similar art style appeal and live-service operations targeting overlapping anime/mobile gamer demographics.
• Lilith Games: Shanghai-based mobile developer behind AFK Arena, Rise of Kingdoms, and Dislyte - all free-to-play gacha live-service titles with global distribution. Comparable as a Chinese gacha developer pursuing global mobile gamers with similar monetization mechanics.
• Yostar: Publisher and developer behind Arknights, Blue Archive, and Mahjong Soul. Comparable as a partner-publisher in the global gacha ecosystem with overlapping titles and similar anime aesthetic targeting mobile and PC gamers worldwide.
• Cygames: Japanese gacha developer behind Granblue Fantasy, Uma Musume Pretty Derby, and Shadowverse. Comparable as a top-tier gacha RPG developer with cross-platform ambitions, major IP collaborations, and strong Japan-centric revenue base similar to Kuro's Wuthering Waves Japan strength.

Broad incumbents

• NetEase: One of China's largest gaming conglomerates, operating gacha and live-service titles including Identity V, Onmyoji, and Marvel Rivals. Comparable in that it operates similar gacha RPGs out of China with global reach, but at a much larger and more diversified scale.
• Bandai Namco Entertainment: Major Japanese publisher operating gacha and live-service titles including Tales of Crestoria and mobile entries in major franchises. Comparable as a platform partner enabling Kuro's IP crossover collaborations (Devil May Cry 5) and as a broader incumbent in the same gacha ecosystem.

Others

• Tencent Games: Kuro's lead investor and China's largest gaming conglomerate, operating or investing in Honor of Kings, PUBG Mobile, and a portfolio of gacha titles. Directly comparable as a gacha RPG publisher, but also Kuro's investor, making it both a peer and a strategic counterparty.

Emerging players

• Shifting Tides: Emerging gacha RPG developer focused on global mobile markets with anime-style open-world action RPGs. Comparable as a newer entrant targeting the same free-to-play anime gacha audience that Kuro's Wuthering Waves serves.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/wutheringwaves
• YouTubeyoutube.com/@wutheringwaves

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments

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

Frequently asked questions about Kuro Game