Sequoia, Lightspeed join $6m round of YGG’s India unit

IndiGG, the India sub-decentralized autonomous organization (subDAO) of Yield Guild Games (YGG), has raised US$6 million in fresh funds to boost the adoption of play-to-earn games in the country.

Investors including Sequoia Capital India, Lightspeed Venture Partners, and Animoca Brands, took part in the round.

Photo credit: IndiGG

IndiGG is building a platform where gamers can explore virtual worlds to create economic opportunities for all participants. The subDAO will support NFT assets for games such as Axie infinity, Pegaxy, Fancy Birds, Nyan Heroes, and Nitro League before onboarding new titles for the Indian market.

“The play-to-earn guild model was first proven by YGG in the Philippines. Our partnership with Polygon Studios will bring this life-changing model to a gaming community in one of world’s largest emerging economies so they can reap the benefits of Web3,” said Gabby Dizon, co-founder of Yield Guild Games.

The fundraise comes amid a surge in monetization of Indian games, which currently generate US$1.8 billion in revenue. Better smartphones, increased internet access, popular titles, influencers, and the global pandemic have catalyzed gaming in the country.

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In addition, Polygon Studios and their ecosystem of Web3 games – including Zed Run, Skyweaver by Horizon Games, Decentraland, and Decentral Games – will give IndiGG scholars access to the latest releases.

Last month, YGG Southeast Asia raised US$15 million across two rounds of financing to accelerate play-to-earn gaming in the region.