Kratos Studios Raises $20M in Seed Funding to Build Web3 Games

The India-based gaming studio which also announced the acquisition of YGG sub-DAO IndiGG is now valued at $150 million.
Image source: Kratos Studios/IndiGG

Quick take:

  • Kratos Studios has announced a $20 million seed round led by Accel.
  • The fundraising values the India-based web3 gaming studio at $150 million.
  • Kratos has also acquired YGG sub-DAO IndiGG via a token swap.

Kratos Studios has completed a $20 million funding round at a $150 million valuation. The seed round was led by Accel with participation from Prosus Ventures, Courtside Ventures, Nexus Venture Partners, Jet Ventures and Nazara Technologies.

Kratos was founded by former Nazara Technologies CEO Manish Agarwal and web3 investor Ishank Gupta. Agarwal and Gupta also announced the acquisition of Yield Guild Games sub-DAO, IndiGG via token transfer. 

According to the announcement on Thursday, Kratos acquired INDI tokens from holders and plans to reissue new tokens via an event in the future.

Commenting on the fundraising, Agarwal said: “The new token will be launched in 12 months,” Kratos co-founder Manish Agarwal told The Block in an interview. “The current INDI token holders will be swapped for the dollar value they initially invested so that they don’t have to mark down their investment.”

The purchase of IndiGG will be crucial to the Kratos web3 gaming ecosystem. The studio plans to use it to facilitate in-game transactions and the earning mechanism. 

“Our metric for IndiGG is the number of unique earners. Think of IndiGG as a freelancing platform for games where they are having fun, discovering new games, and also making money from the time spent on those games,” added Agarwal. 

IndiGG is backed by some of the leading web3 investment companies including Sequoia Capital India, Lightspeed Venture Partners, Variant Fund, Jump Capital, and Animoca Brands. Gupta was an adviser to the sub-DAO before his new joint venture made the move to buy it.

The company has plans of expanding further in South Asia, which Agarwal believes could turn it into the next multi-billion dollar web3 startup, following in the footsteps of the likes of Polygon.

“We believe after Polygon, IndiGG could be the next multi-billion dollar company, bringing billions of ad revenue to the exchequer of India and getting millions of earners in India and South Asia.”

Afterwards, the co-founders have plans to expand the venture to Southeast Asia, the middle-east and Africa, added Agarwal.

Kratos plans to use the funds to set up IndiGG operations, which include “tech stack, distribution, brand, and a large gamers community that can earn. We will also earmark some portion of it for investment in global web3 game developers,” said Agarwal.

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