Add your company website/link
to this blog page for only $40 Purchase now!Continue
Kratos Studios, a web3 gaming startup, has raised $20 million at a valuation of $150 million to acquire IndiGG. This round was led by American venture capital firm Accel and includes Prosus Ventures, Courtside Ventures, Nexus Venture Partners, Nazara Technologies and others.
Manish Agarwal and Ishank Gupta plan to use the funding to establish distribution channels in emerging markets for global Web3 games. Furthermore, the company plans to invest in "most promising" such projects around the globe.
Manish Agarwal, former CEO of Nazara Technologies and Ishank Gupta are launching Kratos Studios, a Web3 gaming venture backed by Accel. The Bengaluru-based startup has raised $20 million at an estimated valuation of $150 million through a seed round led by Accel. Other investors included Prosus Ventures, Courtside Ventures, Nexus Venture Partners, Jet Ventures and Nazara Technologies.
Agarwal and Gupta plan to use the funding to launch an IndiGG-branded web3 gaming Decentralised Autonomous Organisation (DAO). They acquired IndiGG through a token swap, with plans to launch the platform within one year.
The DAO plans to invest in discovering, creating and expanding the most promising Web3 games globally. Additionally, it will create distribution infrastructures for global Web3 games in emerging markets. Agarwal and Gupta will collaborate with Polygon co-founder Sandeep Nailwal and Yield Guild Games (YGG) co-founder Gabby Dizon towards their mission of creating the world's largest gaming DAO, they stated.
He explained that the DAO would utilize the "smart contract" model to power its tokenized game marketplace. It will utilize an open protocol, enabling game developers and gamers to exchange digital goods for physical ones in a secure and streamlined manner.
Kratos currently has 106 games in its portfolio and is working to develop a steady supply of new titles that can be listed on its platform. It wants to create an open ecosystem built upon blockchain technology with interoperability as its priority rather than closed systems.
Agarwal revealed their company's ambition was to use the time and talent of 500 million gamers from India in order to construct a digital goods factory that can be exported worldwide, creating huge income generation opportunities for gamers as well as an enormous infusion of cash into India's coffers.
He further announced the company was working with Southeast Asian gaming microcommunities as sub-DAOs within the IndiGG ecosystem to foster community growth for international Web3 games.
Kratos was founded by Agarwal and Gupta, both veterans of the gaming industry with over 15 years of combined experience. Agarwal and Gupta have held senior leadership roles with Hindustan Unilever, Microsoft, Nazara Technologies as well as running startups focused on consumer technology and blockchain projects.
Kratos Studios, founded by game industry veterans Manish Agarwal and Ishank Gupta, has raised $20M in a seed funding round led by Accel. Other investors included Prosus Ventures, Courtside Ventures, Nexus Venture Partners, Nazara Technologies and more.
The company has also acquired Polygon-backed IndiGG through a token swap. They plan to use the funds for building their product platform, aiding gaming teams and cultivating communities worldwide.
This model could be beneficial in emerging markets. At present, gamers in these regions don't own their digital assets in games; however, Kratos Platform utilizes blockchain technology to grant them this right.
The platform can offer developers a new way to monetize their quests. Furthermore, it gives gamers the ability to create and sell digital goods on the blockchain, giving them an edge in the competitive gaming market.
This model could be especially successful in countries like India that lack adequate infrastructure. As such, it could become a valuable asset for the startup in its long-term growth prospects.
As part of the token swap, IndiGG holders can exchange their INDI tokens for Kratos' new Kratos tokens during the Token Generation Event. While INDI tokens will continue trading on existing exchanges until then, this process cannot be guaranteed.
Additionally, the company plans to use its funding to develop global Web3 games. It aims to create a "network state" around gamers, rewarding them for their time and skill regardless of which closed ecosystems they are part of.
The company plans to construct a reputation system that allows players to transcend their local gaming communities. Ultimately, this could create an expansive global audience for these games.
Ultimately, the company hopes to reach multi-billion dollars soon. But there is still much work left to be done.
Kratos must therefore identify the top developers to partner with and create their platform. As such, the company is currently in talks with several of them.
Kratos Studios, a web3 gaming startup founded by Polygon Labs and funded with $20 million, has raised a seed round led by Accel. The funds will be used to expand distribution channels for international web3 games in emerging markets. Furthermore, they acquired Polygon Labs-backed IndiGG via token swap.
Kratos also plans to collaborate with Southeast Asian gaming microcommunities as sub-DAOs within the IndiGG ecosystem in order to foster community growth for international Web3 games. The co-founders of Kratos will collaborate closely with Polygon's co-founder Sandeep Nailwal and Yield Guild Games' co-founder Gabby Dizon towards creating what would be known as a world's largest gaming DAO (decentralised autonomous organisation).
Kratos also plans to use its newly acquired funding to launch a series of on-chain gaming platforms. The venture hopes to develop an interface that enables developers and gamers to communicate transparently, exchanging crypto assets for profit.
According to a press release, the startup plans on creating an "network state" that will assist gamers in emerging markets educate, entertain and create value from their time and skill set. They do this by developing an on-chain reputation system that transcends closed ecosystems.
To expand its network, the firm has acquired IndiGG through a token swap, in which existing INDI token holders will receive new Kratos tokens. This practice is common in the blockchain space as it allows companies to acquire an existing entity without selling off their own securities.
Additionally, IndiGG plans to establish a decentralized autonomous organization (DAO) under their brand that will invest and promote promising Web3 games around the world. The DAO will be charged with selecting and promoting some of the most exciting global Web3 titles available on the market, including e-sports titles.
Agarwal informed ET his company intends to use the funds for building a product platform, supporting gaming teams and creating communities. He anticipates generating ad revenue from the platform which will boost income for both gamers and developers. Agarwal believes this will result in an impressive return on investment for all parties involved in the deal.
India-based Kratos Studios, led by former Nazara Technologies CEO Manish Agarwal and early-stage investor Ishank Gupta, has raised $20 million in seed funding led by Accel Partners with participation from Prosus Ventures, Courtside Ventures, Nexus Venture Partners and Nazara. This round values the company at $150 million on a fully diluted basis.
The company intends to use the funds for building distribution infrastructures in emerging markets for global Web3 games, as well as investing in "most promising" titles worldwide. Furthermore, they plan to launch a Decentralised Autonomous Organisation (DAO) under the IndiGG brand to provide support to gaming communities around the world.
According to Agarwal, the company's business model involves bringing game developers and gamers onto its platform, creating revenue for both parties. It also assists gamers with the off-ramping process that converts on-chain assets into fiat currency in their bank accounts.
Meanwhile, Kratos has acquired Polygon Labs-backed IndiGG through a token swap to form a global Web3 gaming DAO. With this acquisition, they expect to add millions of users and generate billions in ad revenue across India, South Asia, Africa, Southeast Asia and some Middle Eastern nations.
Agarwal and Gupta intend to collaborate closely with Polygon's co-founder Sandeep Nailwal and Yield Guild Games (YGG) co-founder Gabby Dizon in order to construct the world's largest gaming DAO. Furthermore, they plan on creating unique earnings opportunities for gamers while cultivating an eco-friendly gaming ecosystem that is sustainable in the long run.
Additionally, the company's founders will collaborate with gamers to create on-chain profiles of them in the form of cohorts that game developers can use for creating quests. Gamers pay for validation of their quests, while the game developer receives payment upon completion.
Agarwal revealed that his startup has already released its own app and plans to increase user numbers on both sides by releasing more games and welcoming more gamers. The aim is to cultivate the gaming community in India and South Asia through this application, she explained.
The company is also acquiring Polygon Labs-backed IndiGG through a token swap to form a global gaming DAO, and will continue working closely with gamers to build on-chain profiles of gamers in the form of cohorts that game developers can use when creating quests. Furthermore, the startup plans to extend their stack to Southeast Asian gaming sub-communities as sub-DAOs within its ecosystem.