IDG Ventures and Bodhi Investment LLC (managed by SoftBank China and India Holdings) announced a joint Series A investment in Kreeda Games, an Indian online multiplayer games company who recently launched their online game portal in beta. Their first offering, a Bollywood-themed dance game called Dance Mela, is set to release this August.

Manik Arora from IDG Ventures India and Anil Viakara from SoftBank’s Bodhi will join Kreeda's Board of Directors as part of the investment. Kreeda's CEO, Quentin Staes-Polet, said that the company considered several offers, but chose IDG and Softbank for their experience in building internet gaming globally-- Softbank previously acquired Gravity Corp, creators of Asian MMO Ragnarok Online, and also established Movida Investment, a fund specifically geared to promote development of MMOs in Asia.

Initially, Kreeda will license titles from around the world and localize them, tailoring media and cultural elements to the preferences of the Indian game market. The company aims to release three games by year's end, with more to follow when the market is "ready". Subscriptions, hourly charges, in-game advertising and in-game item sales are all planned revenue sources; Dance Mela, however, will at least initially be free to play.

"The online game industry, though nascent in India, is on the edge of becoming one of the largest markets globally," Staes-Polet said.