Atirath Raises Funding From Kalaari Capital
The gaming company has raised an undisclosed amount in the Seed round. The funds will be used to strengthen products, develop an economic model and to expand the team
Atirath, a game development company, has raised an undisclosed amount in Seed round from Kalaari Capital. The funds will be used to strengthen products, develop an economic model of game metaverse and to expand the team.
India is among the top five mobile gaming markets in the world. High Internet penetration rate, mobile first phenomena and low cost of Internet are key factors driving this growth. Today, mobile gaming is a $2.2 billion market in India, poised to reach $7 billion by 2025 growing at an astounding CAGR of 40 per cent. An average Indian consumes over 8.5 hours of gaming content per week, said a statement.
"We are at an exciting stage in the gaming world where new business models are evolving from game-as-a-service to game-as-a-platform model. As the model evolves, we see a lot of innovation happening in a centralized and decentralized metaverse world. Business models like play-to-earn, play-to-collect models with technology innovation in blockchain based solutions in NFT/FT will fuel phenomenal growth. Players are no longer passive and new platforms will be enabling them to contribute and monetize from the success of games. We are building a game metaverse in the strategy genre with an Indian mythology theme with unique gameplay features," said Shiva Bayyapunedi, co-founder, Atirath.
"We are excited by the immense potential of the upcoming models in gaming. We will see new forms of monetization layers coming up, especially with the onset of Play2Earn and the amalgamation of NFTs and crypto in gaming. The alignment with NFT gameplay is a huge opportunity to create an immersive experience. We are excited to be a part of this journey with Atirath in creating the metaverse of Indian mythology experience," said Vamshi Reddy, partner at Kalaari Capital.