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Ex-Nazara CEO starts new web3 gaming firm

NEW DELHI : Gaming industry veteran and former Nazara Technologies CEO Manish Agarwal and web3 investor Ishank Gupta have raised 160 crore (about $20 million) in a seed round at a valuation of 1,200 crore for a new web3 gaming startup called Kratos Studios which they will operate under the IndiGG brand name. The seed round was led by Accel and included Prosus Ventures, Courtside Ventures, Nexus Venture Partners, Nazara, and Jet Ventures.

Agarwal and Gupta have acquired the IndiGG brand name from Yield Guild Games (YGG) through a token swap, which is the transfer of digital tokens from one blockchain to another. Kratos has also acquired INDI tokens and will give their holders new tokens through a token generation event later. Until then, INDI tokens will continue to trade on exchanges.

IndiGG is a sub-DAO (decentralized autonomous organization) of YGG. It was started in 2022 with the backing of Polygon Studios to expand the play-to-earn (P2E) web3 gaming ecosystem in India. Game developers list quests on the platform and players participate to win the prize money.

Before the acquisition of the IndiGG brand, Gupta was an advisor to it. Agarwal said he and Gupta will continue to work with Polygon co-founder Sandeep Nailwal and YGG co-founder Gabby Dizon to expand IndiGG and make it the world’s largest gaming DAO.

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