Gamiana Raises Close to $1 Million from IAN

Gamiana has raised an unspecified amount – of under a million dollars – from the Indian Angel Network (IAN) -- a first time in the sector for the network.

The money will be used for company growth during the next few quarters. For example, Gamiana will use the funds to increase the number of customers, improve software for existing games – Jamia Online and Vinashi – and offer bids for new games. The money will also be used for publishing, payment support, and customer support, according to news reports.

“Gamiana approached IAN because it has a vast network of investors representing the who’s who of successful Indian entrepreneurs,” Vishal Golia, co-founder of Gamiana, said in a company statement which appeared on CoolAvenues.com. “We, at Gamiana, will now be able to leverage the global presence, market insights and network of IAN’s global members to fuel our growth.”

The investment in Gamiana is the first time IAN has invested in gaming, according to a report from The Hindu Business Line.

“This initial funding will help us with business development and marketing,” Golia added in a statement made to The Hindu Business Line. “We expect to go in for a second round of funding in the next six to nine months.”

In a related matter, Chetan Shah, a member of IAN, was named as a board member at Gamiana.

Gamiana provides multi-player platforms and lets users play games in real time, the company said. The sector sees new markets with more use of the Internet on smartphones, online games and social networking, the company said.

Looking ahead, Gamiana may expand into developing markets such as Brazil, Turkey, and The Philippines. It will also develop games through PCs, Facebook (News - Alert) and wireless platforms, the company adds.

In a related matter, last year IAN invested $1 million in Vayavya Labs Pvt., Ltd., which is a developer of embedded software tools, according to a report carried on TMCnet.