The fresh funding will be used for strengthening products , team expansion
Atirath, a game development company, has raised an undisclosed amount of seed funding from Kalaari Capital. The fresh funding will be used for strengthening products to evolve and develop the economic model of game metaverse, as well as for team expansion, Atirath said in a statement. “We are at an exciting stage in the 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,” Shiva Bayyapunedi, co-founder, Atirath, said.
“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,” Bayyapunedi added.
Founded by Shiva Bayyapunedi and Ramachandra Raju, Atirath Gaming Technologies currently has a team size of 15 members based out of Hyderabad. The founders aim to create game metaverse with geographic, economic, and social experience in the strategy genre connecting players, content creators and game publishers.
According to Vamshi Reddy, partner, Kalaari Capital, there are immense potentials in the upcoming models in gaming, while RMG and Casual Games have continued to do well. The industry 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,” Reddy stated.
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