India, February 23, 2023: Manish Agarwal and Ishank Gupta have raised INR 160 crore at a valuation of INR 1200 crore for Kratos Studios, their new Web3 gaming venture. The seed round was led by Accel, with participation from other investors, including Prosus Ventures, Courtside Ventures, Nexus Venture Partners, and Nazara.
Kratos Studios has completed the acquisition of IndiGG through a token swap, with the co-founders building the world’s largest Web3 gaming DAO under the IndiGG brand. The funding will help them build distribution rails in emerging markets for global Web3 games, and the DAO will invest in the most promising Web3 games worldwide. The co-founders will continue to work closely with Polygon’s co-founder Sandeep Nailwal and Yield Guild Games’ co-founder Gabby Dizon toward the mission of building the world’s largest gaming DAO.
Nazara Technologies, where Manish was formerly the CEO, has also invested in this round with the intention of collaborating with IndiGG on the Web3 front.
Commenting on this development, Manish Agarwal said, “We are providing the 500M+ 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.”
Ishank Gupta said, “The IndiGG stack will partner with existing gaming micro-communities in South Asia, both on-ground and online, as sub-DAOs in the IndiGG ecosystem. These micro-communities will facilitate explosive community growth for global Web3 games.”
Subrata Mitra, Partner at Accel added, “Blockchain can fundamentally transform gaming and accelerate the growth in emerging markets. We believe that this team is the best suited to unlock this value for Gamers. We are committed to build a vibrant gaming ecosystem alongside IndiGG.”
Until the Token Generation Event, the INDI token will continue to be traded on current exchanges, while existing token holders will be swapped to new tokens after the acquisition.