*A correction has been made to this story.

Mumbai, India - Kreeda Games, an India-based publisher of massively multiplayer online games, has raised "less than $10 million" in new financing, from IDG Ventures and SoftBank China & India Holdings, India Times reported.

Kreeda Games will source popular games from other regions and localize them for an Indian audience.

"Dance Mela," the company's first title, is slated for release later this summer; Kreeda plans to release a total of three games this year.

"Dance Mela" is free to play, but will generate revenue through the sale of virtual items. The company also plans to explore subscriptions, hourly charges and in-game advertising.

*This story originally stated the company raised "around" $10 million, paraphrasing a story in the India Times that said the company had raised "less than $10 million." Kreeda contacted DMW to say the India Times had inferred the figure, based on the average contributions of its investors, and chose not to disclose the exact amount. Additionally, the company was incorrectly referred to as a "developer" rather than publisher of online games.

Related Links:
http://tinyurl.com/24h3wo (India Times)