Manish Agrawal, former Nazara Chief executive, and Ishank Gupta successfully raised $20 million in seed funding for their latest startup called Kratos Studios.
The emerging Web3 gaming industry helped Kratos Studios garner the attention of VCs and investors. Accel, an American venture capital firm evaluated the startup at a whopping figure of $150 Million. The evaluation aided the studio in raising seed funding of $20 Million in the initial round.
Kratos Studios reported on Thursday that in addition to Accel, who served as the round’s lead investor, other partners included Prosus Ventures, Courtside Ventures, Nexus Venture Partners, and Nazara Technologies.
According to a press statement from the firm, the $20 million fund will aid in developing distribution channels for international Web3 games in developing countries.
Manish Agarwal’s comment, “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,” gave a wave of hope to the gaming creators in the country.
Kratos Studios has acquired IndiGG through a token swap. The new tokens will be issued soon at the Token Generation Event. Meanwhile, holders can still trade INDI Tokens on existing exchanges.
The startup would initiate a close contribution with Polygon’s CO-founder Sandeep Nailwal and Gabby Dizon, co-founder of Yield Guild Games (YGG) to achieve the largest gaming DAO’s designation soon worldwide.
The founders are creating a Decentralised Autonomous Organization (DAO) that will invest in most potential Web3 games around the space.