Kratos Studios, an Indian-based web3 gaming startup, has raised $20 million in seed funding at a $150 million valuation.

The funding round was led by Accel and saw participation from Prosus Ventures, Courtside Ventures, Nexus Venture Partners, and Nazara Technologies.

The gaming startup also acquired IndiGG, a sub-DAO of Yield Guild Games DAO, in a token swap. As part of the acquisition, existing INDI token holders will be swapped to new Kratos tokens, which will be launched in 12 months.

Kratos’s business model brings game developers and gamers onto its platform, earning revenue from both sides, and helps gamers with the off-ramping process that converts on-chain assets into fiat currency in their bank accounts.

Kratos aims to build the largest gaming DAO in the world and will work closely with Polygon co-founder Sandeep Nailwal and YGG co-founder Gabby Dizon.