KGeN Bags $10 Mn To Boost Its Partnership With Game Developers

Decentralised gamer network KGeN (Kratos Gamer Network) has reportedly raised $10 Mn (INR 84.4 Cr) in a funding round led by blockchain developer Aptos Labs.

The round also saw participation from blockchain firm Polygon and Web3 gaming network Game7. 

KGeN plans to use the fresh funds to scale up its platform, roll out new features and expand its presence in emerging markets, according to a Moneycontrol report.

The company also aims to boost its data capabilities, strengthen partnerships with game developers and improve rewards and benefits for gamers in its upcoming initiatives.

The latest round brings KGeN’s total funding to $30 Mn so far.

Its latest investment values it at $500 Mn on a fully diluted basis, a significant increase from its previous valuation of $150 Mn when it raised $20 Mn in a funding round in February last year.

The fundraise was led by Accel, with participation from Prosus Ventures, Courtside Ventures, Nexus Venture Partners and Nazara Technologies.

Founded in November 2023 by Manish Agarwal, former CEO of Nazara Technologies, KGeN was launched by Kratos Studios to encourage gaming studios to migrate their games to its blockchain platform.

The platform boasts a community of over 10.8 Mn gamers, divided into micro-communities across different game genres. According to the company’s website, as of October 2024, KGeN reported an annualised revenue of $12.1 Mn.

KGeN works with games at every stage of development, from pre-alpha to mass scaling, leveraging its community to help acquire and retain skilled, high-intent players. The platform offers a wide range of services, including community building, curated game testing, gaming quests, leaderboards, micro-tournaments, and large-scale tournaments.

Game publishers and blockchain developers can use KGeN’s data and targeting capabilities to gain insights into gamer behaviour, drive user acquisition, and increase digital asset sales with precision.

In February 2023, Agarwal and early-stage investor Ishank Gupta launched Kratos Studios, a Web3 gaming venture, and raised INR 160 Cr at a valuation of INR 1,200 Cr in a seed funding round led by Accel. 

Currently, operating in regions including India, Brazil, Nigeria, Southeast Asia, and the MENA region, the startup is focused on building this KGen. 

This network aims to empower gamers to own their data, aggregating millions of micro-gaming communities from emerging markets since 2022. The company is onboarding these communities to Web3 to create a Proof of Gamer Engine and develop the KGeN.

This development coincides with the rapid expansion of the Indian gaming market. An IMARC study reported that the Indian mobile gaming market reached $2.2 Bn in size in 2022 and is projected to reach $5.9 Bn by 2028, with a compound annual growth rate (CAGR) of 18.9% during 2023-2028.