Gaming startup Giga Fun Studios files for voluntary liquidation

Giga Fun Studios Private Limited, a Bengaluru-based mobile casual gaming startup, has commenced a voluntary liquidation process, according to a public announcement released recently. The liquidation commenced on October 17, 2025, and stakeholders have been given until November 15, 2025, to submit their claims to the appointed liquidator, Manisha Rawat.

Founded as recently as November 2022 by Rahul Shekhar, Rahul Daga, and Krishnendu Mukherjee, Giga Fun Studios was a developer of mobile-based casual video games, operating in a space similar to giants like Zynga.

According to Tracxn, Giga Fun Studios had shown early promise, securing a $2.4 million Seed funding round in January 2023. The round was led by prominent venture capital firms Lumikai and Fireside Ventures, and included other investors like Riverwalk Holdings, valuing the company at an estimated ₹58.9 crore. The company generate an annual revenue of Rs 49 lakh as on 31 March 2024. Founders (largest shareholder) owns 67.00% and funds own 32.99% in the company. The net worth of Giga Fun Studios founders was Rs 39.5 crore as of January 6, 2023.

Despite this initial backing, the company faced an intensely competitive market. Industry data indicates it was competing against 8,326 active companies, including 355 that were funded and 244 that had successfully exited.

Signs of trouble were evident in its declining headcount. As of April 2025, the company employed only 13 people, a figure that represents a 28% decrease from the previous year, suggesting downsizing prior to the decision to liquidate.

The liquidation process will be overseen by Liquidator Manisha Rawat, who will now be responsible for verifying claims from creditors and stakeholders and managing the dissolution of the company’s assets. Financial creditors are required to submit their claims electronically.

The closure of Giga Fun Studios highlights the challenging dynamics within the hyper-competitive mobile gaming industry, where even well-capitalized startups can struggle to achieve sustainable growth and user acquisition.

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