Asia

Sequoia Capital India Leads $450 Million Round for Polygon With SoftBank, Galaxy, Tiger, Republic Capital

Published

3 years ago

February 8, 2022

Reading Time: 3 minutes

The backing from leading global institutions is a vote of confidence in Polygon’s position as Ethereum’s leading scaling solution and the team’s vision for Web3.

Polygon raised about $450 million in a funding round led by Sequoia Capital India with participation from more than 40 major venture capital firms including SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital and prominent investors like Alan Howard (co-founder, Brevan Howard) and Kevin O’Leary (Mr. Wonderful from ABC’s Shark Tank).

Polygon’s first major financing round since the project’s founding in 2017 has also attracted contributions from Alameda Research, Transcend Fund, Makers Fund, Animoca Brands, global video game leader and games industry investor Scopely, dune ventures, Union Square Ventures, Alexis Ohanian’s Seven Seven Six, Elevation Capital, Sino Global Capital, DCG, Standard Crypto, Celsius, Dragonfly Capital, Variant Fund, Blue Pool Capital, WorkPlay Ventures (led by Zynga founder Mark Pincus), and many more. The funds will be raised through a private sale of Polygon’s native MATIC token.

European Gaming Congress 2024 (Warsaw, Poland)

This will allow the team to consolidate its lead in the race to scale Ethereum, obviating the need for alternative blockchains and paving the way for mass adoption of Web3 applications. Polygon is building a suite of scaling solutions, including Polygon PoS, Polygon Edge and Polygon Avail, that is similar to what Amazon Web Services offers Web2 developers — a tool for every possible use case. The team is also investing in cutting-edge zero knowledge (ZK) technology that will be key to onboarding the next billion users to Ethereum.

Polygon has always been a community-first project and owes its success to the ecosystem of early believers, developers and stakeholders. This investment round is the tide that lifts all boats and exemplifies the role the community plays in making Web3 a reality.

“Web3 builds on the early Internet’s open-source ideals, enabling users to create the value, control the network and reap the rewards. Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web’s evolution,” said Polygon co-founder Sandeep Nailwal. “Technological disruption didn’t start with Web2, nor is it going to end there. That’s why we are very excited to see some of the same firms that funded the previous round of innovation now being our Web3 vision.”

The most pressing question for the Ethereum community has been how to increase the network’s capacity to handle more transactions. The skyrocketing popularity of new applications in decentralized finance (DeFi) and non-fungible tokens (NFTs) brought with it congestion and soaring fees. Polygon has stepped in with a broad range of scaling options and transaction rates that are among the industry’s lowest.

Over the past year, Polygon has attracted some of the biggest projects in Web3, from DeFi protocols such as lending platform Aave to luxury brands company Dolce & Gabbana and NFT marketplaces including OpenSea and Mark Cuban’s Lazy.com. Virtual worlds such as Decentraland and Animoca Brands’ The Sandbox are also laying the groundwork for the metaverse on the network. More than 7,000 decentralized apps (dApps) are currently building on Polygon, making it the main destination for Web3 platforms and developers.

“The platform of choice to build on the blockchain today is Polygon. Thousands of developers across a range of applications are choosing Polygon and their complete set of scaling solutions for the Ethereum ecosystem,” said Shailesh Lakhani, MD at Sequoia India. “This is an ambitious and aggressive team, one that values innovation at its core. Sequoia Capital India is thrilled to lead this significant financing round.”

Polygon PoS adoption has soared exponentially, with a billion transactions recorded last year. The network’s more than 130 million unique addresses and over 2.67 million monthly active users now generate some 3 million transactions per day, more than double the volume of Ethereum. Polygon’s native MATIC token has a market capitalization of over $12 billion.

To make sure the growth can continue into the foreseeable future, Polygon is making major investments into zero knowledge cryptography, a technology widely seen as the end game for blockchain scaling. The core development team made it a centerpiece of its strategic vision in the Zero Knowledge Thesis published in August. As part of that mission, the team has committed $1 billion, a significant portion of the treasury, to ZK-related efforts.

Polygon is now home to an unrivaled collection of ZK efforts. The portfolio includes a zkEVM being developed by Polygon Hermez, privacy-focused Polygon Nightfall rollup built in collaboration with EY, Polygon Miden’s general purpose STARK-based rollup and Polygon Zero team applying a technique called recursion to ZK proofs.

“Adoption by individual users and enterprises, the emergence of real-world applications like DeFi and NFTs, and broader involvement from the institutional community are all strong indicators that Web3 has passed a major installation milestone and is here to stay,” Galaxy Digital CEO Mike Novogratz said. “Together, Polygon and Ethereum are building the base layer for a new Internet, which is why we’re excited to play a role in this important fundraise.”

Asia

Former Thai Police Chief Torsak Faces Investigation for Bribery

Published

6 days ago

December 18, 2024

Niji Narayan

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Thailand’s National Anti-Corruption Commission (NACC) has initiated an investigation into former Royal Thai Police commissioner-general Pol General Torsak Sukvimol and seven others for alleged bribery linked to illegal gambling operations.

According to Thai media, this decision follows accusations that Torsak demanded money and assets from 18 gambling websites and other illicit businesses during his tenure as national police chief from October 2023 to September 2024.

NACC secretary-general Sarote Phuengramphan stated that sufficient evidence, including witness testimonies, has been gathered to justify the investigation, with the commission overseeing the inquiry.

In addition, the NACC is examining separate allegations against former deputy national police chief Pol General Surachate Hakparn, who is accused of accepting bribes from gambling sites and involvement in money laundering. Sarote indicated that more information is needed before proceeding with this case.

Torsak had been suspended in March due to conflicts with Surachate but returned to duty in June until his replacement by Pol General Kitrat Phanphet on October 1. Surachate, known as “Big Joke,” was removed from his position by royal command.

The post Former Thai Police Chief Torsak Faces Investigation for Bribery appeared first on European Gaming Industry News.

Asia

DigiPlus Celebrates Double Victory at the Asia Pacific Enterprise Awards

Published

7 days ago

December 17, 2024

Niji Narayan

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DigiPlus Interactive, the brand behind popular gaming platforms BingoPlus, ArenaPlus and GameZone, announced its double recognition at the Asia Pacific Enterprise Awards (APEA) 2024. DigiPlus was honoured with the Corporate Excellence Award and the Fast Enterprise Award, reinforcing its role as a leader in digital entertainment.

The awards ceremony, held on December 11 at Hilton Manila, celebrated businesses and individuals who have demonstrated exceptional achievements, leadership and innovation. The Corporate Excellence Award recognises DigiPlus’ commitment to sustainable growth, innovative leadership and exemplary business practices. The Fast Enterprise Award acknowledges the company’s rapid growth and adaptability in an ever-evolving and competitive market.

“DigiPlus was born from a vision to redefine digital entertainment in the Philippines. This recognition is a celebration of the incredible passion, ingenuity, and dedication of our team. It is also a tribute to our stakeholders, whose trust empowers us, and the communities we serve, who inspire us to continue pushing boundaries and elevating entertainment experiences for all,” said Celeste Jovenir, VP of Investor Relations, Corporate Communications and Sustainability.

The post DigiPlus Celebrates Double Victory at the Asia Pacific Enterprise Awards appeared first on European Gaming Industry News.

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Government support, medals, and global recognition define a landmark year for Indian esports and video gaming in 2024

Published

1 week ago

December 16, 2024

Wladimir P.

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Reading Time: 5 minutes

The Indian video gaming and esports industry witnessed exponential growth in 2024, breaking into the mainstream. According to the recently published ‘India Gaming Report,’ the Indian pure-play gaming industry is valued at INR 6,715 crore and is on track to grow at a CAGR of 24%, reaching INR 10,487 crore by 2026. With a staggering 13.85 crore gamers and an annual growth rate of 11.82% projected until 2026, the sector shows no signs of slowing down.

This year was marked by several historic milestones. India showcased its esports prowess on the global stage by securing a silver medal in Tekken 8 at the BRICS Esports Championship and a bronze medal in eFootball at the Asian Esports Games 2024. Adding to the excitement, the International Olympic Committee’s announcement of the Olympic Esports Games 2025 has opened new doors for India to achieve further international acclaim in esports.

Government and state support for the industry also saw remarkable growth. The Union Cabinet announced the establishment of the National Centre of Excellence for AVGC-XR in Mumbai, while the Ministry of Information and Broadcasting is backing the inaugural WAVES Esports Championships 2025. States like Bihar introduced esports tournaments in schools, and Meghalaya became the first Indian state to sponsor an esports team. Nagaland also joined the momentum by hosting its first esports tournament, reflecting the growing grassroots movement across the country.

In addition to government initiatives, one of the industry leaders driving this transformation was NODWIN Gaming, a leader in new-age youth entertainment, gaming, and esports whose initiatives elevated Indian gaming to new heights. The company’s flagship esports IP, the BGMI Masters Series, not only brought esports to national television for the third consecutive year but also facilitated the entry of high-profile brands like Garnier Men and Android into the Indian esports ecosystem.

NODWIN Gaming also created one of the nation’s biggest youth entertainment events of the year by hosting DreamHack India alongside Hyderabad Comic Con. Internationally, the company acquired leading European esports company Freaks 4U Gaming and Turkey-based esports firm Ninja Global, while also partnering with the Global Esports Federation. Domestically, NODWIN Gaming expanded its footprint by acquiring Trinity Gaming and Comic Con India and collaborating with JSW Sports, reinforcing its position at the heart of youth entertainment.

Akshat Rathee, Co-founder and Managing Director, NODWIN Gaming believes that in 2024, games became an integral part of the cultural zeitgeist, with creators and influencers amplifying their appeal among youth. The year witnessed significant strides in institutional support, with government recognition playing a pivotal role in legitimising esports as a sport.

“This rapid growth of gaming and esports has allowed NODWIN Gaming to evolve into a holistic youth-focused entertainment company. By focusing on curating entertainment platforms that go beyond esports, we have managed to build a comprehensive ecosystem that includes content production, event management, and community engagement, enabling us to connect with youth across multiple touchpoints. We believe that our philosophy of timeshare of mindshare has driven our strategy to reach audiences where they live, play, and engage, ensuring sustained growth and relevance,” he explains.

A significant highlight this year was the acknowledgment of the gaming industry by Prime Minister Shri Narendra Modi. For the first time ever, the PM met with leading Indian gamers like Animesh Agarwal (8Bit Thug), Naman Mathur (Mortal), and Payal Dhare (PayalGaming) to discuss the sector’s various aspects and its potential.

Creating even more history, S8UL Esports, India’s leading esports and gaming content organization, co-founded by Mortal and Animesh, completed a hat-trick of awards at the global Esports Awards, with Mortal also winning ‘Esports Content Creator of the Year.’ S8UL secured back-to-back victories at MOBIES 2024, with PayalGaming becoming the first Indian female to win ‘Streamer of the Year,’ further elevating India’s global esports reputation.

“2024 was a landmark year for S8UL, filled with milestones that cemented our position as leaders in global esports. In the past year, esports has solidified its position as a mainstream cultural phenomenon. The distinction between competitive esports and gaming became clearer, helping audiences and stakeholders better understand the ecosystem. At the same time, esports, traditional sports, and influencer-driven content began working more cohesively, creating synergies that enhanced fan experiences and industry growth. Brands now view esports not just as a sponsorship opportunity but as a platform for deep, authentic engagement with Gen Z and Millennials. This evolution underscores the industry’s maturity, making esports a dynamic and indispensable part of modern culture,” states Animesh Agarwal aka 8Bit Thug, Co-founder, S8UL Esports.

While India has long been a mobile-first gaming market, 2024 saw developments aimed at diversifying the landscape, with CyberPowerPC, a global leader in custom gaming computers, making its debut in the Indian market. Along with its groundbreaking configurator tool, the company introduced the EZPC module, allowing gamers to build PCs tailored to their favorite titles.

CyberPowerPC recently demonstrated its commitment to expanding the PC gaming community by awarding two premium gaming PCs, each valued at over INR 1 lakh, to two gamers at one of India’s largest gaming festivals in Mumbai. The initiative aimed to showcase the potential of custom gaming PCs while fulfilling the dreams of these gamers for an unparalleled gaming experience.

Vishal Parekh, Chief Operating Officer, CyberPowerPC India, notes “2024 has been a year of unprecedented growth for the Indian gaming and esports ecosystem. Gaming has evolved into a mainstream cultural phenomenon, fueled by India’s expanding digital economy and government initiatives like ‘Digital India,’ which have provided fertile ground for the industry’s growth. The focus on Tier 2 and Tier 3 cities has unlocked new demographics, driving demand for high-performance gaming rigs. At CyberPowerPC India, we have strengthened our engagement with the gaming community through partnerships with esports organizations, and our focus remains on delivering systems that combine high performance with affordability.”

Another notable development in the Indian gaming sector was 88 Pictures, the Indian animation and VFX studio behind Emmy-winning shows launching its game development division called 88 Games. With three premium titles in development, the studio aims to showcase India’s rich folklore and history to a global audience. This aligns with Prime Minister Modi’s Independence Day call for Indian developers to make their mark internationally, positioning 88 Games as a leader in India’s growing presence in the global gaming landscape.

“In 2024, we witnessed a surge of homegrown studios and games, including our own, highlighting the immense potential for the industry’s growth. The rapid growth of gaming and esports has transformed them into viable career paths. Awareness has increased, not just about being a gamer or creator but also about the wide array of roles in the industry. While the industry is currently mobile-centric, there’s a massive opportunity in PC and console gaming. At 88 Games, we aim to fill this gap by focusing on premium titles for these platforms, contributing to a more balanced and diverse gaming ecosystem,” says Milind D. Shinde, Founder & CEO of 88 Games.

As the year closes, it is evident that Indian esports and gaming have not only grown but transformed into a cultural and economic powerhouse. Given the rapid pace of growth, the industry is all set to shape the future of entertainment both at home and on the global stage.

The post Government support, medals, and global recognition define a landmark year for Indian esports and video gaming in 2024 appeared first on European Gaming Industry News.