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Game development company Atirath on Monday announced that it has raised an undisclosed amount of seed funding from Kalaari Capital.
Founded in mid 2020 by Shiva Bayyapunedi and Ramachandra Raju, Atirath develops games in the casual and strategy genre. Their vision is to create a game metaverse with geographic, economic, and social experience in the strategy genre connecting players, content creators and game publishers.
The company will utilise the funds towards strengthening products to evolve and develop the economic model of the game metaverse and for team expansion.
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 centralised and decentralised metaverse world. Business models such as 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 monetise from the success of games. We are building game metaverse in the strategy genre with an Indian mythology theme with unique gameplay features,” Bayyapunedi said.
Vamshi Reddy, Partner at Kalaari Capital, said, “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 monetisation layers coming up, especially with the onset of Play2Earn and the amalgamation of NFTs and Crypto in Gaming. 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,” Reddy added.
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