The funds will be used for strengthening products to evolve and develop the economic model of game metaverse and for team expansion.
Game development company Atirath has raised an undisclosed amount of seed funding from Kalaari Capital. Atirath develops games in casual and strategy genre bringing unique 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.
Vamshi Reddy, Partner at Kalaari Capital, commented, “ While RMG and Casual Games have continued to do well, we are excited by the immense potential of the upcoming models in Gaming. We will see new forms of monetization 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. We are excited to be a part of this journey with Atirath in creating the metaverse of Indian mythology experience.”
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 $2.2B market in India, poised to reach $7B by 2025 growing at an astounding CAGR of 40%. An average Indian consumes over 8.5 hours of gaming content per week.
Atirath was founded in mid 2020 by Shiva Bayyapunedi & 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, “We are at an exciting stage in gaming world where new business models are evolving from game as a service to game as a platform model. As the model evolves, we see a lot of innovation happening in a centralized and decentralized metaverse world. Business models like Play-to-earn, Play-to-collect models 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 monetize from the success of games. We are building game metaverse in strategy genre with Indian mythology theme with unique game play features.”.
Atirath Gaming Technologies currently has a team size of 15 members based out of Hyderabad developing casual/strategy genre based gaming metaverse platform.