AvatarLife Secures $1.5 Mn Funding from Info Edge Ventures

AvatarLife Secures $1.5 Mn Funding from Info Edge Ventures

Spread the love

AvatarLife is a Web3. Gaming company that offers a wide range of games to the Metaverse. It was founded by Sushant Chrandrasekar and Gaurav Gupta in 2022. The gaming platform operates on a single-player, multiplayer, and play-to-earn model, in the virtual world. It also gives room for creators to develop personal games on the platform. 

 The startup is currently focusing on developing player-first games, as it offers game varieties that range from PvP to PvE, P2E, to free-play games. In addition to that, AvatarLife also has its OpenSim Metaverse with games and other attractions.

In recent news, the gaming startup secured a $1.5Mn seed fund from Info Edge Ventures, a venture capital firm backed by Naukri.com. Naukuri.com also happens to be the parent company of both Info Edge India Ltd and Temasek. Based on the interests of the startup, the newly acquired seed fund will be invested in product research and development,  as well as global team expansion. 

According to the Co-founding father of AvatarLife, the company will always be at the forefront of investing in technological development. 

He goes ahead to express this clearly saying; “We are transitioning from a 2D internet living on our screens to a 3D space present inside our screens. This will require new ways of thinking about the user experience and, ultimately, product development. We will continue to invest in building the technology and developing capabilities in-house,” Gaurav Gupta said in a statement as quoted by Economic Times.

Besides the $1.5Mn releases to develop the gaming platform, Info Edge Ventures has funded other startup platforms. One such funding effort is the $25Mn  startup seed released to the AR-based toymaker Mirana and fantasy sports platform Fan Clash. 

Given the rapid development of Web3 and Metaverse, a quick surge in market value is inevitable. At the beginning of the month, Arthur Little reported that Indian Web3 is expected to reach $200 billion by 2035. 

From the same report, it was deduced that sectors like retail and finance would drive the adoption of Web3 and Metaverse in India. While retail will contribute to this adoption by 37%, the finance sector will bring in up to 15% contribution. 

Follow us on LinkedIn

Read other Articles

Spread the love

Leave a Reply