Indian Blockchain Esports Firm Stan Raises Over $2 Million in Funding: Details

Stan aims to use Artificial Intelligence (AI) and create a fluid architecture for the blockchain gaming community.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 23 January 2024 21:37 IST

Indian Blockchain Esports Firm Stan Raises Over $2 Million in Funding: Details

Photo Credit: Stan

Last February, Stan had launched a community marketplace for NFT trading

Highlights

Stan has raised $2.7 million in a pre-Series A round
Last May it raised $2.5 million in the seed funding round
Investors include CoinDCX Ventures and Coinswitch Ventures

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.

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“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.

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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 2022, 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.

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Further reading: Cryptocurrency, Stan, Web3, Blockchain

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More