Indian Gaming Firm nCore Games Raises $10M for Web 3 Offerings: Report

The funding round was led by Animoca Brands and Galaxy Interactive and including participation from Polygon.

AccessTimeIconJan 17, 2022 at 9:58 a.m. UTC
Updated May 11, 2023 at 4:05 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Indian gaming firm nCore Games has raised $10 million in a new funding round led by Animoca Brands and Galaxy Interactive, according to a report.

  • Polygon and Hyperedge Capital also participated in the round, according to a report by TechCrunch on Monday. The funds will be used to spearhead a push into Web 3 gaming.
  • Having developed a range of games that have attracted tens of millions of downloads, nCore's bigger focus is turning to the metaverse and launching its own non-fungible tokens (NFT).
  • Despite India's size as a mobile gaming market, firms are struggling to monetize their users due to apparent resistance to the in-app purchase model.
  • nCore co-founder Vishal Gondal said he is optimistic Web 3 products can make inroads through additional incentives on offer. "Currently when you’re playing a game, the maximum upside for you was to become part of some community. Now while you’re playing the game, you also have the chance to own the value of the game,” he said to Tech Crunch.
  • Hong Kong-based Animoca Brands is an investor in NFTs and metaverse projects and has a majority stake in metaverse game The Sandbox. It received a valuation of $2.2 billion during a $65 million funding round in October.
  • Layer 2 Ethereum-scaling service Polygon is also no stranger to such ventures having created a $200 million initiative in December alongside Reddit co-founder Alexis Ohanian to invest in social media and Web 3-based projects.
  • Neither Animoca nor Polygon had responded to CoinDesk's request for comment at press time.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.