Web3 gaming startup Kratos Studio, founded by former Nazara Technologies CEO Manish Agarwal and angel investor Ishank Gupta, has raised Rs 160 crore in a seed funding round led by Accel Partners, with participation from Prosus Ventures, Nexus Venture Partners, Courtside Ventures, and Nazara, among others.
The startup, which is now valued at Rs 1,200 crore, plans to use the raised capital to build distribution rails in emerging markets for global Web3 games.
At the same time, the startup also announced the acquisition of Polygon-backed IndiGG via a token swap. IndiGG is a blockchain-based gaming community (DAO) that is building distribution rails in emerging markets for global Web3 games. It will invest in the most promising Web3 games across the world.
Post-acquisition, existing INDI token holders will be swapped to new tokens at the time of the Token Generation Event for the new token. Until such time, the INDI token will continue to trade on existing exchanges.
"We are providing the 500 million or more South Asian gamers with 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," Agarwal said in a statement.
According to the company's statement, both co-founders will continue to collaborate closely with Polygon's co-founder Sandeep Nailwal and Yield Guild Games' (YGG) co-founder Gabby Dizon to create the world's first gaming DAO.