Gaming assiduity stager and former Nazara Technologies CEO Manish Agarwal and web3 investor Ishank Gupta have raised ₹160 crore (about $ 20 million) in a seed round at a valuation of ₹ 1,200 crore for a new web3 gaming incipiency called Kratos Studios which they will operate under the IndiGG brand name. The seed round was led by Accel and included Prosus Ventures, Courtside Ventures, Nexus Venture mates, Nazara, and Jet gambles.
Agarwal and Gupta have acquired the IndiGG brand name from Yield Guild Games (YGG) through a token exchange, which is the transfer of digital commemoratives from one blockchain to another. Kratos has also acquired INDI commemoratives and will give their holders new commemoratives through a token generation event later. Until also, INDI commemoratives will continue to trade on exchanges. IndiGG is asub-DAO (decentralized independent association) of YGG. It was started in 2022 with the backing of Polygon Studios to expand the play- to- earn (P2E) web3 gaming ecosystem in India. Game inventors list searches on the platform and players share to win the prize money.
“These are the four areas where we will use the finances,” he said. “But more importantly, we want to produce functional cash flows briskly so that this fund is there for a stormy day and not to burn”. Agarwal said though the company can expand the community by 100x, if the platform’s capacity utilisation is only 5, also there will be a churn in the community. “Before, games were being designed for an unrestricted ecosystem but now means are being made interoperable, the ecosystem is opening. And to design an open ecosystem, it takes a lot of time. The Web2 gaming request is $140 billion in size, and it won’t disintegrate overnight. It’ll take 12- 24 months for new and good games to get released,” he added.
The statutory programs around virtual digital means are another factor. “We ’ll need to understand the frame, and how it’s to be enabled. The third thing is that there’s a lot of disunion in a stoner trying to get on board Web3 games. Incipiently, the understanding of unit economics – who’ll bear the colorful freights – is also a hedge. These are all walls that one needs to break for the dislocation to be and countries like India to come gaming bootstrappers,” Agarwal said.