Manish Agarwal and Ishank Gupta Raise INR 160 Cr and Complete Acquisition of IndiGG through a Token Swap

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.

Custodian Team or IndiGG DAO

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.

About the Founders

Manish Agarwal

Manish Agarwal is an IIM-A & NIT-W alum and joined India's nascent gaming ecosystem 15 years ago post successful stints with Hindustan Unilever and Microsoft among others. As the CEO of Nazara, he was the driving force in making it India's first & only publicly listed gaming company. Manish was also the co-chair of IAMAI Gaming Council and the Convenor of the FICCI Gaming Committee.

Ishank Gupta

Ishank Gupta is an IIT-Bombay & Wharton alum who over the past decade has operated and advised consumer firms in China, the UK, South Africa, and India. During his stints with marquee global companies like AB InBev & BCG he has built and led cross-functional and diverse teams. He actively invests in early-stage ventures focussed on consumer and blockchain.

About IndiGG

IndiGG is a blockchain based gaming community (DAO) which is building distribution rails in emerging markets for global Web3 games. IndiGG is starting with South Asia and aims to leverage disposal time and skill of 500M+ gamers to make South Asia a digital goods factory for the world. This will create massive income generation opportunities for gamers and huge inflow for government exchequer.


About Accel

Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Braintree, Cloudera, CrowdStrike, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, FreshWorks, Jet, Qualtrics, Slack, Spotify, Supercell, UiPath and Vox Media are among the companies the firm has backed over the past 35 years. For more, visit or

About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities. The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors. Through the Prosus Ventures team, the group invests in new technology growth opportunities within logistics, fintech, health, blockchain, social and ecommerce platforms, agriculture and more. The team actively backs exceptional entrepreneurs who are using technology to improve people’s everyday lives. Each month, more than 2 billion customers across the globe use the products and services of companies that Prosus has invested in, acquired or built. To find out more, please visit

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