Kalaari Capital invests in Hyderabad-based gaming company Atirath
Hyderabad: Game development company Atirath has raised an undisclosed amount of seed funding from Kalaari Capital. The Hyderabad company develops games in casual and strategy genre bringing sub-continent cultural elements with global appeal. The funds will be used for strengthening products to evolve and develop the economic model of game metaverse and for team expansion.
India is among the top five mobile gaming markets in the world. High internet penetration rate, mobile first phenomena and low cost of internet play 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.
Atirath was founded in mid-2020 by Shiva Bayyapunedi and Ramachandra Raju who worked together at Apalya Technologies that Shiva founded and was later acquired. Both come with strong tech and business operations backgrounds. Their vision is to create game metaverse with geographic, economic, and social experience in strategy genre connecting players, content creators and game publishers.
Shiva Bayyapunedi, co-founder, Atirath, said, “Business models like Play-to-earn, Play-to-collect 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 monetise from the success of games. We are building game metaverse in strategy genre with Indian mythology theme with unique game play features.”.
Vamshi Reddy, partner at Kalaari Capital, commented, “We will see new forms of monetisation layers coming up, especially with the onset of Play2Earn and the amalgamation of NFTs and Crypto in Gaming. Mythological games like God of War and Assassin’s Creed have worked out very well across the world, selling over 200 million copies and we think the Indian mythology is still an untapped opportunity since the rich history of India offers a high possibility of a hit global IP being built out of here. This aligned with NFT gameplay is a huge opportunity to create an immersive experience.”
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