Kratos Studios secured an initial investment of $20 million at a value of $150 million.
The Indian web3 gaming business also purchased the Yield Guild Games DAO subsidiary IndiGG. Kratos Studios, an India-based web3 game business, was valued at $150 million after receiving $20 million in venture capital.
Accel led the investment, while Prosus Ventures, Courtside Ventures, Nexus Venture Partners, and Nazara Technologies also participated, Kratos said Thursday. With a token exchange, the gaming business also acquired IndiGG, a sub-DAO of Yield Guild Games DAO. Existing INDI token holders will get new Kratos tokens.
In an interview with The Block, Kratos co-founder Manish Agarwal said, “The new token will be released in one year.” “The present holders of INDI tokens will be exchanged for the original dollar worth of their investment so that they do not have to write down their investment,” he said. Agarwal is the former chief executive officer of India’s first publicly traded gaming firm, Nazara.
In January 2022, Sequoia Capital India, Lightspeed Venture Partners, Variant Fund, Jump Capital, Animoca Brands, and Alan Howard provided $6 million in investment to IndiGG. Agarwal said that as part of the IndiGG purchase, Kratos would continue to expand the IndiGG brand as a gaming DAO. Kratos was launched in September of last year.
Agarwal said, “We think that after olygon, IndiGG might be the next multi-billion dollar firm, providing billions of ad money to India’s exchequer and attracting millions of earners in India and South Asia.” We will next attempt to implement this strategy in Africa, Southeast Asia, and several Middle Eastern nations.
Kratos’s business strategy generates money from both game creators and players on its platform. Ishank Gupta, another co-founder of Kratos, stated in an interview, “We construct on-chain profiles of players in the form of cohorts, and we allow game creators to create missions for gamers.” “Game creators pay us to advertise their missions, and players pay us for quest validation.”
Gupta said that Kratos also assists players with the off-ramping procedure that transforms on-chain assets into fiat cash in their bank accounts.
Kratos debuted the IndiGG app earlier last week, and it intends to boost the number of players on both sides by adding additional games and more gamers, according to Gupta.
Argarwal and Gupta said that they would collaborate closely with Polygon co-founder Sandeep Nailwal and YGG co-founder Gabby Dizon to “create the world’s biggest gaming DAO.”
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