Webtoon-like Startup in India Secures Capital from Sony Innovation Fund
By: Asia Business Outlook Team | Tuesday, 03 October 2023
Start-up focused on webtoons in India Toonsutra, which CA Media-backed Graphic India incubated, has received an unknown sum of money from the Sony Innovation Fund (SIF), according to a top business executive.
"SIF has joined Toonsutra as one of the investors," said Sharad Devarajan, CEO of Graphic India, declining to give further specifics due to confidentiality concerns.
"The investment further validates the timing and opportunity that Toonsutra represents to have such a prestigious group participate," he stated. Graphic India is the country's major provider of original character entertainment.
SIF has also helped startups such as Lokal, GetVantage, Impact Guru, Medfin, MedPay, Slice, WeRize, and Tricog. Sony fully funds SIF, which invests in early-stage startups.
"We are excited about the potential of localized digital comics and webtoons as a powerful and dynamic storytelling medium in India," said Gen Tsuchikawa, CEO and chief investment officer of Sony Ventures Corporation. "We are looking forward to supporting the Toonsutra team, new creators, and emerging entertainment categories in this high-growth market." Last year, Toonsutra raised $2 million in a pre-seed round from high-profile investors, including Lightspeed Venture's Jeremy Liew, Twitch co-founder Kevin Lin and 9GAG co-founder Ray Chan,