PlaySpan Inc, a Silicon Valley-based in-game commerce network, plans to set up a 100 percent subsidiary in Mumbai to develop, market and support its technology and network in South Asia. [via Business Standard]

The company, which runs an online marketplace for the virtual goods that game players need, recently 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.

The financial daily quotes CEO Karl Mehta as saying, “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.”