Indian Web3 startup Kratos raises $20 million at a $150 million valuation

The Indian-based gaming startup Kratos Studios has raised $20 million in seed funding, according to The Block.

The round was led by Accel. Other participants included: Prosus Ventures, Courtside Ventures, Nexus Venture Partners and Nazara Technologies. Investors valued the startup at $150 million.

Representatives also announced the acquisition of IndiGG, a sub-DAO of Yield Guild Games DAO. The deal was executed via a token swap — INDI for crypto assets from Kratos.

“The launch of the new coin will take place in 12 months,” said co-founder Manish Agarwal.

In January 2022 IndiGG raised $6 million from Sequoia Capital India, Lightspeed Venture Partners, Variant Fund, Jump Capital, Animoca Brands and venture investor Alan Howard.

Kratos was founded in September 2022. As part of the IndiGG acquisition, the startup will develop the brand as a gaming DAO, said Agarwal.

“We are creating on-chain profiles of gamers in the context of groups and giving game developers the ability to create quests. Developers pay us to host their quests, and players pay for their verification,” said the other co-founder Ishank Gupta.

Additionally, he said, Kratos helps participants convert on-chain assets into fiat money.

Agarwal and Gupta said they would closely collaborate with co-founder Polygon Sandeep Nailwal and Gabby Dizon of Yield Guild Games to create “the world’s largest gaming DAO.”

Earlier, gaming-focused infrastructure Web3 startup Nefta raised $5 million at a valuation of $32.5 million.