In this episode of The First Cheque Show, Rishab Malik sits down with Salone Sehgal, founder and managing partner of Lumikai Fund, India’s first gaming-focused venture capital fund, to trace her journey from gaming entrepreneur to investor.

 

Salone shares how her early experiences in finance and gaming shaped her worldview, what it took to raise capital for a gaming startup in 2014, and how those lessons laid the groundwork for launching Lumikai in 2019. She opens up about the challenges of fundraising during the pandemic, building LP trust, and why product-market fit applies just as much to funds as it does to startups.

 

Now leading one of the most distinctive VC firms in India, Salone dives into the rise of women gamers and how India is poised to lead in interactive media. She also reflects on the mindset shift from founder to investor and what she had to unlearn to build for the long game.

 

Timestamp

00:00 – Salone’s introduction and background in gaming entrepreneurship

02:42 – Starting her career in finance and investment 

04:39 – Demographic shift: more women entering the gaming market

05:37 – Joining a fund and stepping into the global startup ecosystem

06:52 – Moving back to India and launching Lumikai Fund for gaming startups

08:23 – Her experience raising capital for a gaming company in 2014

11:07 – Transitioning to fundraising for Lumikai in 2019

14:26  –The reality of fundraising during the pandemic

17:23 – Fund 1 as product-market fit: raising capital, backing talent, and scaling startups

18:09 – Deliberate deal sourcing: building a fund with intentional outreach

23:13 – Reflecting on focus: why a vertical strategy remains the best path

24:22 – Portfolio exits and returns: 107x median for early stage investors

25:46 – Debunking the monetisation myth and winning LP confidence

26:26 – Lessons from China: parallels in digital payments and gaming growth

29:30 – Startup founder vs. fund founder: key differences in mindset and control

34:10 – What she had to unlearn transitioning from founder to investor

36:47 – Emerging themes: convergence of game mechanics and consumer apps

40:16 – $2 to $22 ARPU: India's Gaming Inflection Point

43:07 – Why strategic exits dominate over IPOs in media and gaming

 

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WHO ARE WE? 

 

Jungle Ventures is a Singapore based Venture Capital Firm that invests in regional or global technology category leaders from Asia. We collaborate closely with Founders to build the intrinsic value of their company by building a scalable organisation and providing dependable long-term capital. 

 

We have grown to become one of Southeast Asia's largest independent venture capital firms.

 

FIND US

Website: https://www.jungle.vc

LinkedIn:  https://www.linkedin.com/company/jungle-ventures

Medium: https://medium.com/jungle-ventures/about

Episode ID: 1000721463523

GUID: thejunglecode.podbean.com/b592f112-2c20-3954-be72-aacda0afe0aa

Release Date: 11/08/2025, 11:00:59