Indian Web3 gaming firm raises $20m at $150m valuation

The IndiGG custodian team / Photo credit: Kratos Studios

Kratos Studios, a Web3 gaming venture based in India, has raised about US$20 million in seed funding at a valuation of US$150 million. The round was led by Accel and saw participation from Prosus Ventures, Courtside Ventures, Nexus Venture Partners, and Nazara, among others.

Kratos was built by Manish Agarwal, previously CEO of gaming company Nazara, and Ishank Gupta, a former executive at multinational firms like Belgian brewing firm Anheuser-Busch InBev.

The fresh funding will be used to establish distribution channels for global Web3 games in emerging markets.

Kratos also announced its acquisition of decentralized autonomous organization (DAO) IndiGG through a token swap. Additionally, the DAO will invest in the most promising Web3 games worldwide.

Kratos’ co-founders will work closely with Sandeep Nailwal, co-founder of crypto firm Polygon, and Yield Guild Games co-founder Gabby Dizon toward building the largest gaming DAO in the world, according to a press statement.

“We are providing 500 million gamers of India an opportunity to leverage their time and skill to become creators of digital goods on the blockchain for global games,” Agarwal added.

To spur community growth for global Web3 games, the IndiGG stack will partner with Southeast Asia-based gaming microcommunities as sub-DAOs in the IndiGG ecosystem.

See also: Coming soon from PussyDAO: an NFT you can wear