As India's top game companies are preparing to launch Web3 products, NCORE games executives said on Monday that they raised $10 million in a new round of financing.
This financing is led by two well-known investment institutions in the field of encryption, animoca brands and Galaxy interactive. Polygon and hyperedge capital, the popular layer 2 Ethereum expansion solutions, also participated in this round of financing.
Other angel investors including Amitabh Singhal, Sandeep nailwal, kanwaljit bombra, sohil Chand, Ashish Chand, RAM madhvani, Rakesh Kaul, mannan adenwala, Sanjay Narang, Taj haslani, Kristian segerstrale, Sanjay gondal, Vedant Baali, Kartik prabhakara, Peter Leung, Yashraj Akashi and Akshay Chaturvedi also invested in this round.
NCORE Games has many game studios, including studio NCORE, dot9 games and icespice. Its product portfolio includes multiplayer action games fau-g and pro cricket mobile, with tens of millions of downloads.
In an interview with techcrunch, Vishal gondal, co-founder of NCORE games, said that the startup plans to launch and invest in more games this year.
But he said that the greater focus of this financing fund is to expand to the meta universe. He said NCORE games is evaluating the launch of its own NFT and tokens, which may be launched in the coming months.
India has become one of the largest mobile game markets in the world. Before being banned by New Delhi, pubg mobile had accumulated more than 50 million monthly active users in India. However, due to the low penetration of in app purchase and small advertising revenue, it has been difficult for game companies to make effective use of this user group.
Sam englebardt, general partner of Galaxy interactive, said in a statement: "the growth of India's game industry is undeniable, and the market is expected to make another great leap."
Gondal is a senior person in the game industry. He sold his previous enterprise to Disney. He said that the game economy is changing, especially in the developing market where the company mainly relies on advertising to generate revenue. He mentioned the popularity of axie infinity in the Philippines. This market is similar to India, and the income from in app purchase is not high.
Comparing India, Indonesia and the Philippines, gondal expressed his optimism that Web3 products that have made progress in multiple categories and many markets will be popular in Indian Games. Gondal said that Web3 is positioned to provide the right incentive structure for all stakeholders.
"At present, when you are playing games, the biggest advantage is to become a member of a community. Now, when you are playing games, you also have the opportunity to have the value of the game," he said.
Tejraj Parab, CEO of icespice, said NCORE Games was considering making a universal token, and all its games and those of partner companies would be provided to the community. He said the startup also hopes to make its technology available to other game developers.
Dayanidhi mg, CEO of studio NCORE, said: "we are very happy to embrace emerging trends and technologies among global leaders and very successful funds, companies and senior people, and raise NCORE to a new level with exponential growth."
Web3 began to gain attention in India. With the support of tiger global and Sequoia Capital India, faze, an Indian start-up, cooperated with ICC, a global cricket management organization, to launch NFT for cricketers last year. According to two people familiar with the matter, the start-up company is currently negotiating to raise a new round of financing from insight partners. Several Bollywood celebrities also cooperated with the company to launch their own NFT.
"NCORE Games was founded by experienced and well-known game industry professionals. This is one of our most promising investments in India, which has a huge game market and great growth potential," Yat Siu, executive chairman and co-founder of animoca brands, said in a statement. "NCORE Games has a suitable team that can use blockchain and NFT to provide digital property rights to players in the game. We look forward to launching many successful products in our process of moving towards a global open meta universe."