Kratos Studios, an Indian-based web3 gaming startup, has raised $20 million in a seed funding round at a valuation of $150 million.
The funding round was led by Accel and included other investors such as Prosus Ventures, Courtside Ventures, Nexus Venture Partners, and Nazara Technologies. Kratos has also acquired IndiGG, a sub-DAO of Yield Guild Games DAO, through a token swap.
Existing INDI token holders will be swapped to new Kratos tokens, which will be launched in 12 months. The acquisition will help Kratos continue to build the IndiGG brand as a gaming DAO.
Kratos’s business model brings game developers and gamers onto its platform, earning revenue from both sides. The company creates on-chain profiles of gamers in the form of cohorts, letting game developers design quests for gamers.
Game developers pay Kratos for listing their quests, and gamers pay for validation of their quests. Kratos also helps gamers with the off-ramping process that converts on-chain assets into fiat currency in their bank accounts.
Kratos’s co-founders, Manish Agarwal and Ishank Gupta, plan to work closely with Polygon co-founder Sandeep Nailwal and YGG co-founder Gabby Dizon towards the mission of “building the largest gaming DAO in the world.”
The IndiGG acquisition will help Kratos bring billions of ad revenue to the exchequer of India and get millions of earners in India and South Asia. The company aims to take that playbook to Africa, Southeast Asia, and some countries in the Middle East.
Kratos’s launch of the IndiGG app this week aims to increase the number of participants on both sides by providing more games and more gamers.
Agarwal and Gupta said that they will continue to build the IndiGG brand as a gaming DAO, with the aim of making it the next multi-billion dollar company after Polygon.
