Friday, June 14, 2024
Outlook.com
Outlook India
Outlook Business

Kratos Raises Rs 160 Crore In Seed Funding Round

Kratos recently acquired IndiaGG, a gaming venture previously owned by Yield Guild Games, through a token swap

Kratos Raises Rs 160 Crore In Seed Funding Round
POSTED ON February 24, 2023 2:17 PM

Bengaluru-based Indian Web3 start-up Kratos has raised Rs 160 crore in a seed funding round led by Accel. Prosus Ventures, Courtside Ventures, Nexus Venture Partners, and Nazara Technologies also joined the round. 

Multiple sources reported that this is one the highest seed round fundings led by an Indian start-up. Kratos earned a Rs 1200 crore valuation after this deal. 

The start-up recently acquired IndiGG, a gaming venture previously owned by Yield Guild Games, through a token swap. 

Prior to the acquisition, IndiGG raised $6 million in a funding round, led by Sequoia Capital India and Lightspeed Ventures Partners in January. 

According to a report by Entrackr, part of the newly raised capital will be spent on developing the distribution rails in the Web3 gaming industry. Additionally, IndiGG will also utilise a part of the entire funds to develop its product platform to support gaming teams. Moreover, the company hopes to develop the largest web3 gaming Decentralised Autonomous Organisation (DAO) under the IndiGG brand. 

Addressing the latest development, Manish Agarwal, the chief executive officer (CEO), said, "We are providing the 500 million or more South Asian gamers with 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."

  • Related Articles

    Google has reduced its service fee by 4 per cent for app developers if a user pays through an alternate billing system, but app developers are still required to pay a commission fee to Google,...

    Google blatantly disobeying CCI orders, charging app developers 11-26% commission: ADIF

    The fund will be used to acquire companies offering differentiated services, and to develop new technologies for existing customers, according to a statement

    CarTrade Launches Venture Arm, Plans Rs 750 Crore Investments

    The integration comes after the National Restaurant Association of India (NRAI) urged its members to log out of the Dineout app, citing deep-discounting issues

    Swiggy Integrates Dineout, Expands Dining-Out Service To 24 Cities