Admin Source : Gadgets 360
Stan, the Indian blockchain esports firm, has closed its Pre-Series A funding round as per an official announcement shared Tuesday, January 23. The company has bagged an investment of $2.7 million (roughly Rs. 22 crore) from several investors, including CoinDCX Ventures and Coinswitch Ventures. With the fresh inflow of capital, Stan says it aims to use Artificial Intelligence (AI) and create a fluid architecture for the blockchain gaming community.
Based in Bengaluru, Stan lets creators build, monetise communities, and engage users with their favourite gaming creators/celebrities through digital collectibles, chat/audio rooms, and exclusive celebrity communities, in addition to users engaging with one other.
Aptos Labs, Pix Capital, Maelstrom Fund, GFR Fund, General Catalyst, Climber Capital, and TDV Partners are among other investors who participated in this funding round for Stan.
“The Indian market today presents a lot of challenge for the creators to monetize from their followers and these creators need to move to multiple platforms to be able to learn and push for monetisation. We intend to tap into the creator supply and help them grow their fanbase and monetise on Stan from the first day,” said Parth Chadha, Co-founder, Stan.
Established in 2022, Stan claims to cater to a userbase of four million. In the next six months, the platform is aiming to clock 10 million users. In October that year, the platform announced the rollout of its official NFT and limited digital collectibles (LDC) series.
In February 2023, Stan had announced the launch of a community marketplace. The idea behind this launch was to create a one-stop destination for blockchain gaming fans to trade digital collectibles or NFTs – free of cost.
Stan estimates that the number of online gamers in India could grow by almost 50 percent from 481 million in 2022 to over 657 million by 2025.
In May 2023, the platform managed to secure equity funding of $2.5 million (roughly Rs. 20 crore) in a funding round that saw the participation from super angel investors such as Aadil Mamujee from OpenSea and Nakul Gupta from Coinbase.
