India’s Kratos Studios, a developer of Web3 games, has raised $20 million in seed funding. Accel led the seed round, which also saw participation from Prosus Venture, Courtside Ventures, Nexus Venture Partners and Nazara. The seed round assumed a $150 million valuation for the startup. With this funding, the company will begin setting up distribution channels in emerging markets for its Web3 games.
Kratos’ IndiGG acquisition and expansion plans
Kratos is a Web3 gaming startup based in India. Its business plan is to attract game creators and players to its platform in a manner that allows both entities to profit from their activities. Kratos also facilitates the off-ramping process, wherein players can exchange their on-chain assets for fiat currency in their bank accounts.
In a recent development, the company acquired IndiGG, a sub-DAO under Yield Guild Games (YGG), through a token swap. After successfully raising $6 million in January 2022, IndiGG will now be a platform for Kratos to use to support the best Web3 games from around the world. Kratos says it plans to work closely with Sandeep Nailwal (Co-founder, Polygon) and Gabby Dizon (Co-founder, YGG) to build the largest gaming DAO in the world.
The acquisition of IndiGG means existing INDI token holders will swap their assets for new Kratos tokens. In 12 months time, when the new token is introduced, current INDI holders will be able to trade their tokens in for the dollar value they originally invested. The IndiGG app came out this week.
Created in partnership with Polygon, IndiGG aims to be India’s go-to place for play-to-earn (P2E) gaming. To help worldwide Web3 gaming communities expand, the IndiGG stack will work with Southeast Asian gaming sub-communities as sub-DAOs in the ecosystem. Although Kratos is based in India, it has ambitions to spread to other parts of the world, including Africa, Southeast Asia and the Middle East.