PlaySpan Inc, a Silicon Valley based in-game commerce network, is planning to set up a 100% subsidiary in Mumbai to develop, market and support its technology and network in South Asia. In-game commerce has surpassed the $2 billion-mark this year, and continues its rapid growth as more publishers adopt micro-transaction based revenue models. PlaySpan pioneered the in-game commerce technology for game publishers and developers, and leads the market in publisher sponsored market places. Recently, PlaySpan announced closing of $6.5 million in series, a funding from the group of Easton Capital, Silicon Valley-based Menlo Ventures, South Korea-based STIC International and Hong Kong-based Novel TMT Ventures. Karl Mehta, co-founder and CEO, PlaySpan, said: "India has proven track record in outsourcing of existing software from foreign companies. We are now taking that capability to the next level by developing cutting-edge technology and products from the ground-up for the global market." "Our closed beta of PlaySpan platform has received overwhelming response from the Indian gaming community, and we look forward to working with game publishers and developers in South Asia with our first publisher-sponsored model," he added. |