Get All Access for $5/mo

Crypto Fantasy GameFi Kandle Raises $1.7 Million In Seed Funding The funding will be used to develop the platform further and expand its user base, featuring their flagship product 'Crypto Fantasy Leagues'

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

Kandle.xyz, a crypto fantasy GameFi project from Singapore, has raised a $1.7 million in Seed funding round led by Saama. The seed funding round was led by Saama, with participation from PointOne Capital, Cloud Capital, Good Capital, Founder's Room, Seeders Fund, and Mr. Sumit Gupta (CEO- CoinDCX), amongst other individual investors in the gaming and financial services industry.

The funding will be used to develop the platform further and expand its user base, featuring their flagship product 'Crypto Fantasy Leagues' - a game that allows players to choose crypto coins as their battle tokens and face off against other players in a battle of the portfolios.

"There is a massive opportunity at the intersection of gaming and crypto, and we're excited to be at the forefront of this evolution in crypto fantasy gaming. Super grateful for the unwavering support of our investors as we forge ahead in bringing the vision of Kandle to fruition," said Jaideep Yadav, founder, Kandle.

Kandle.xyz offers innovative fantasy games using crypto coins, where players compete to win rewards. In an official release, the company said it plans to release its project roadmap on token issuance, token utility, and a Play-and-Win model that looks promising to reimagine the Play-to-Earn ecosystem.

"We were impressed by the innovative approach of the Kandle team in combining gaming and crypto. As the crypto industry continues to evolve, we must make it safe and free from the fear of outsized risk for the next tranche of users. Kandle's gamified approach does exactly that – it offers a unique and timely tool for users to engage with crypto without taking direct exposure to any of the coins," said Ash Lilani, Managing partner, Saama.

Saama is an early-stage, sector-agnostic, India-focused venture capital firm investing since 2006.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Growing a Business

Stop the Errors: Set a Review Process That Works

Mistakes make you look unprofessional and hurt your growth. Fix them today.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

News and Trends

RBI's Next Chapter: Can India Embrace Crypto Innovation?

With the appointment of under-the-radar Sanjay Malhotra to replace Das as India's new and 26th central bank governor, crypto players are optimistic about the future

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.