Kratos Studios, the new web3 gaming venture of Ex-CEO of Nazara Technologies Manish Agarwal, and Ishank Gupta has raised ₹160 crore at a valuation of ₹1200 crore.
The seed round was led by Accel, with participation from investors, including Prosus Ventures, Courtside Ventures, Nexus Venture Partners, Nazara, and others. Kratos Studios has also completed the acquisition of IndiGG through a token swap. A token swap is an agreement between two parties that exchange different token types.
Following the acquisition, existing INDI token holders will be swapped to new tokens at the time of the Token Generation Event for the new token. Until such time, the INDI token will continue to trade on existing exchanges.
Manish Agarwal said, “We are providing over 500 million South Asian gamers an opportunity to leverage their time and skill to become creators of digital goods on the blockchain for global games. This will enable South Asia to transform into a digital goods factory for the gaming world.”
The start-up aims to build the world’s largest Web3 gaming Decentralised Autonomous Organisation (DAO) under the IndiGG brand. A DAO is a community-led entity with no central authority, which is said to be fully autonomous and transparent.
The funding will help them build distribution rails in emerging markets for global Web3 games. Additionally, the DAO will also invest in promising Web3 games across the world. The co-Founders will continue to work closely with Polygon’s co-Founder Sandeep Nailwal and Yield Guild Games (YGG)’s co-Founder Gabby Dizon toward the mission of building the largest gaming DAO in the world.
Nazara Technologies, where Manish was formerly the CEO, has also invested in this round with an intent to collaborate with IndiGG on the web3 front.