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Milestone Interactive, a console game distribution and marketing company, plans to raise about Rs 60 crore through the private equity route.
Founded by Mr Jayont Sharma in 1997 with an investment of Rs 5 lakh, it was among the first to venture into gaming in India.
Milestone needs funds to fuel the expansion of its retail venture Game4U, a physical store that sells gaming disks, nintendos, DS boxes and playstations.
The plan is to open 50 such stores across the top 30 cities of the country in the next two years. At present, there are eight Game4U stores in Mumbai, Gurgaon, Ludhiana and Jalandhar, the Chairman, Mr Sharma, said.
Eighty per cent of the company's revenue comes from console gaming (a form of interactive multimedia to be played on TV with images and sounds). The other revenue streams are distribution and the retail business, which Mr Sharma said was growing at over 20 per cent.
The gaming industry is still at a very nascent stage in India, but growing fast. At present, the market is at Rs 1,300-crore, of which console gaming dominates at Rs 730-crore while the rest is PCs, mobiles and DTH.
By 2015, the overall market will touch Rs 4,600-crore, with console and other gaming platforms on equal footing, he said.
> Priyanka.pani@thehindu.co.in
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