Glip, a wallet app and Web3 game discovery platform located in Bengaluru has raised $2.5 million in a fundraising round co-led by Hashed Emergent and included BEENEXT and current investor Prime Venture Partners. Glip will use the money to grow its workforce, integrate new features into its products, and build a larger community worldwide.
With this most recent fundraising round, Glip has now raised $6 million in capital from Prime Venture Partners, Better Capital, iSeed, and many angel investors. The Web3 startup received $3 million in investment earlier this year.
The company, founded in 2020 by Ishan Shrivastava and Parth Choudhary, was intended as a Web3 alternative to the popular digital distribution and game discovery service Steam. More than 7 million people have downloaded the app from different countries, including Brazil, Southeast Asia, and India.
Through the app, players may find new web3 games, view lessons, and anparticipatert in competitions and quests. Axie Infinity, League of Kingdoms, and KOF Arena from Netmarble are among the games that the Web3 app has partnered with to maintain better acquisition and engagement.
Users are provided with a safe, multi-chain, non-custodial, and gasless wallet upon logging into the app, allowing them to store their crypto holdings on EVM Chains such as Polygon and Solana. This gives users the advantage of convenient social login and hassle-free access to their funds.
In a recent interview, Glip’s Chief Operating Officer, Shrivastavly, highlighted the simplicity of their cryptocurrency wallet, which is based on a Google-linked login, eliminating the need for users to manage the seed phrase for access to their funds. He also spoke about the rapid growth of Web3 games, which have already seen an investment of $10 billion. He expressed the mission of Glip to create the world’s largest Web3 gamer platform, citing the current challenges of user acquisition on web2 platforms.
Glip allows developers to monetize their Web3 games by listing them on its platform and onboarding users. According to the company statistics, the platform boasts a monthly average of 2 Mn+ users and a daily average of 200k+ users.
Tak Lee, the Managing Partner at Hashed Emergent, complimented the team at Glip for creating a user-friendly platform that addresses the needs of both developers and gamers. He stated, “The team’s dexterity, vision, and speed of execution astound us, and we are eager to collaborate with them on their journey to develop a Web3 platform akin to Steam.”
India’s gaming industry is in its early stages, yet it boasts one of the world’s largest gaming populations. According to a Deloitte report last year, the online gaming sector is projected to hit a market size of $2.8 billion by 2022. With the rising demand for gaming, the industry will further witness an influx of investments from venture capitalists, angel investors, and other financial institutions. Witnessing an expansion rate, it is expected to reach greater heights in the years to come, creating new opportunities for gamers, developers, and content providers alike.