Kratos Studios, an India-based web3 gaming startup co-founded by Manish Agarwal and Ishank Gupta, has raised $20 million in a seed funding round led by Accel, to reach a valuation of $150 million.

Founded last September, Kratos is a Web3 gaming Decentralised Autonomous Organisation (DAO) that allows game developers to design quests for gamers on its platform, earning revenue from both sides. Game developers pay for listing their quests and gamers pay for validation of their quests.

The startup is built under the IndiGG brand, a gaming startup that it also acquired, via a token swap. IndiGG was a sub-DAO of Yield Guild Games DAO - which raised $6 million in funding in January 2022. Kratos had said it will continue to build the IndiGG brand as a gaming DAO after its acquisition.

Kratos launched the IndiGG app earlier this week and says it aims to increase the number of participants on both sides with more games and more gamers.

Following the token swap acquisition deal, existing INDI token holders will be swapped to its new Kratos tokens which it plans to launch in 12 months. However, until then, the INDI token will continue trading on existing exchanges.

The funding will enable the DAO to build distribution rails for global Web3 games in emerging markets. Additionally, the startup will invest in identifying, building and developing the most promising Web3 games worldwide.

Other participating investors include Prosus Ventures, Courtside Ventures, Nexus Venture Partners and Nazara Technologies, Kratos said Thursday.