India, February 24, 2023: Manish Agarwal and Ishank Gupta, today announced a fundraise of INR 160 cr at a valuation of INR 1200 cr for their new Web3 gaming venture, Kratos Studios. The seed round was led by Accel, with participation from investors including Prosus Ventures, Courtside Ventures, Nexus Venture Partners, Nazara & others.
Kratos Studios has completed the acquisition of IndiGG through a token swap. As co-founders, Manish and Ishank are building the world’s largest Web3 gaming Decentralised Autonomous Organization (DAO) under the IndiGG brand. The funding will help them build distribution rails in emerging markets for global Web3 games. Additionally, the DAO will also invest in the most promising Web3 games across the world. Manish and Ishank will continue to work closely with Polygon’s co-founder Sandeep Nailwal and Yield Guild Games (YGG)’s co-founder Gabby Dizon towards the mission of building the largest gaming DAO in the world.
Nazara Technologies, where Manish was formerly the CEO, has also invested in this round with an intent to collaborate with IndiGG on the web3 front.
Commenting on this development, Manish Agarwal said, “We are providing the 500M+ 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.”
Ishank Gupta said, “The IndiGG stack will partner with existing gaming micro-communities in South Asia, both on-ground and online, as sub-DAOs in the IndiGG ecosystem. These micro-communities will facilitate explosive community growth for global Web3 games.”
Subrata Mitra, Partner at Accel added, “Blockchain can fundamentally transform gaming and accelerate the growth in emerging markets. We believe that this team is the best suited to unlock this value for Gamers. We are committed to build a vibrant gaming ecosystem alongside IndiGG.”
Following the acquisition, existing INDI token holders will be swapped to new tokens at the time of Token Generation Event for the new token. Until such time, the INDI token will continue to trade on existing exchanges.