Kratos Studios, a new web3 gaming venture, has completed a $20 million funding round at a $150 million valuation.
Accel led the seed round with participation from Prosus Ventures, Courtside Ventures, Nexus Venture Partners, Jet Ventures and Nazara Technologies.
Manish Agarwal, a former CEO of Nazara Technologies, and Ishank Gupta, an investor for web3, launched Kratos. Moreover, Agarwal and Gupta announced the token transfer acquisition of Yield Guild Games sub-DAO, IndiGG.
An agreement between two parties to swap various token kinds is known as a token transfer.
At the time of the Token Generation Event, holders of INDI tokens will be exchanged for new tokens. The INDI coin will continue to trade on the current exchanges until then.
The Kratos web3 gaming environment will depend heavily on the purchase of IndiGG. It will be put to use by the studio to make in-game transactions and the earning system easier.
Manish Agarwal said, “We are providing over 500 million South Asian gamers 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.”
Kratos aims to build the world’s largest Web3 gaming
Under the IndiGG name, the startup wants to create the biggest Decentralized Autonomous Organization (DAO) for Web3 gaming worldwide. A decentralized autonomous organization, or DAO, is a group led by the community and described as independent and transparent.
They can use the funds to construct distribution networks for international Web 3 games in developing regions. The DAO will also make investments in promising Web3 games all across the world.
The co-Founders will continue to collaborate closely with co-founders Sandeep Nailwal of Polygon and Gabby Dizon of Yield Guild Games (YGG) to create the biggest gaming DAO in the world.
To work with IndiGG on the web3 front, Nazara Technologies, where Manish was once the CEO, has also invested in this round.
Agarwal thinks the company’s intentions to increase its presence in South Asia could make it the next multibillion-dollar web3 startup, following in the footsteps of companies like Polygon.
Kratos also intends to utilize the money to launch IndiGG operations, comprising a tech stack, brand, distribution, and a sizable gaming community. According to Agarwal, we will also set aside some of it for investments in international web-3 game developers.
