Metaverse gaming platform AvatarLife raises $1.5 million from Info Edge Ventures, others
AvatarLife, a platform for metaverse gaming, has received $1.5 million in seed funding from Info Edge Ventures, the investment arm of Naukri.com parent company Info Edge India Ltd. After the augmented reality-based toy manufacturer Mirana and the fantasy e-sports platform Fanclash, this is Info Edge Ventures' third investment in the gaming industry.
The business claimed that it intended to use the funding for product development, community building, and the growth of its international staff. AvatarLife, a virtual environment with single-player, multiplayer, and play-to-earn skill-based games, was founded by Sushant Chandrasekar and Gaurav Gupta last year. It also permits game development and operation on its platform by other authors.
We are moving from a 2D internet that exists on our screens to a 3D environment that exists inside our displays. This calls for new methods of approaching product development and the user experience. We will keep making investments to advance technologies and create capabilities internally," Gupta added. The company has developed the virtual world AvatarLife, a platform that delivers more than 25 games across three operators, and is creating mobile-based 3D products with Indian users in mind.
"We think that the next version of the internet will be more visually appealing and integrate social interaction with gaming. Deep design and technology skills will be needed for this. The founding team of AvatarLife possesses the necessary knowledge and expertise to innovate in this field, according to Chinmaya Sharma, partner at Info Edge Ventures.
According to data from the national investment promotion agency Invest India, the gaming industry in India has raised $2.8 billion from domestic and foreign investors in the last five years. According to the organisation, funding in the industry has increased by almost five times since 2019.
A number of Web3 and metaverse-focused game systems have sprung up throughout the years in this market. Manish Agarwal, a former CEO of Nazara Technologies, cofounded the Web3 gaming startup Kratos Studios. Accel Partners led the seed round in February, with participation from Prosus Ventures, Courtside Ventures, Nexus Venture Partners, Nazara Technologies, and other investors.
The business claimed that it intended to use the funding for product development, community building, and the growth of its international staff. AvatarLife, a virtual environment with single-player, multiplayer, and play-to-earn skill-based games, was founded by Sushant Chandrasekar and Gaurav Gupta last year. It also permits game development and operation on its platform by other authors.
We are moving from a 2D internet that exists on our screens to a 3D environment that exists inside our displays. This calls for new methods of approaching product development and the user experience. We will keep making investments to advance technologies and create capabilities internally," Gupta added. The company has developed the virtual world AvatarLife, a platform that delivers more than 25 games across three operators, and is creating mobile-based 3D products with Indian users in mind.
"We think that the next version of the internet will be more visually appealing and integrate social interaction with gaming. Deep design and technology skills will be needed for this. The founding team of AvatarLife possesses the necessary knowledge and expertise to innovate in this field, according to Chinmaya Sharma, partner at Info Edge Ventures.
According to data from the national investment promotion agency Invest India, the gaming industry in India has raised $2.8 billion from domestic and foreign investors in the last five years. According to the organisation, funding in the industry has increased by almost five times since 2019.
A number of Web3 and metaverse-focused game systems have sprung up throughout the years in this market. Manish Agarwal, a former CEO of Nazara Technologies, cofounded the Web3 gaming startup Kratos Studios. Accel Partners led the seed round in February, with participation from Prosus Ventures, Courtside Ventures, Nexus Venture Partners, Nazara Technologies, and other investors.
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