Info Edge Ventures Leads $1.5 Million Seed Funding Round in AvatarLife
- ByStartupStory | June 27, 2023
AvatarLife, a metaverse gaming platform, has announced that Info Edge Ventures, the investment arm of Info Edge India Ltd, has led a $1.5 million seed funding round in the company. This marks Info Edge Ventures’ third investment in the gaming space, following its bets on fantasy e-sports platform Fanclash and augmented reality-based toymaker Mirana.
The funding will be utilized by AvatarLife for product research and development, community building, and expanding its global team. The platform, founded by Sushant Chandrasekar and Gaurav Gupta last year, offers a range of single-player, multi-player, and play-to-earn skill-based games within its virtual world. Additionally, it enables other creators to develop and operate games on the platform.
“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,” stated Gupta.
AvatarLife has developed the virtual world of the same name, offering more than 25 games across three operators, specifically targeted at Indian users. The company aims to capitalize on the shift towards a more visual internet that integrates gaming and socialization. Chinmaya Sharma, Partner at Info Edge Ventures, emphasized the importance of design and technological capabilities in this evolving landscape, stating, “AvatarLife’s founding team has the right set of skills and experience to innovate in this arena.”
According to data from Invest India, the gaming sector in India has attracted $2.8 billion in investments from domestic and global investors over the past five years. Funding in the sector has grown nearly five-fold since 2019. The industry has also witnessed the emergence of Web3 and metaverse-focused gaming platforms. In February, Web3 gaming startup Kratos Studios raised Rs 160 crore (approximately $20 million) in a seed round led by Accel Partners, with participation from Prosus Ventures, Courtside Ventures, Nexus Venture Partners, Nazara Technologies, and others.
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