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[Funding Alert] SIDBI Raises $24.5 Mn in Funding

By Team VS
New Update
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Small Industries Development Bank of India (SIDBI) has received $24.5 million from the Green Climate Fund (GCF). For its first anchoring sustainability and climate-focused fund, the Avaana Sustainability Fund (ASF).

The development occurred on March 6 at the 38th GCF Board meeting in Kigali, Rwanda.

ASF is a $120 million venture capital fund with the goal of funding Indian climate tech firms in their early stages. According to a statement from SIDBI, the fund would use the $120 million capital to invest in MSMEs and startups in industries such sustainable resource management, supply chains and mobility, and sustainable agricultural and food systems.

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The fund intends to pursue investments in climate-resilient and low-carbon businesses.

Significant contributions to adaptation, mitigation, and strengthening of resilience in climate change-vulnerable sectors of the Indian economy are among the anticipated benefits, the statement continued.

The largest climate fund in the world and a vital part of the historic Paris Agreement is the Green Climate Fund. The fund has reportedly been in the works since February of last year, according to GCF.

Read also - Quorum Club secures pre-Series A funding

The fund, which has a $120 million overall value, aims to reduce 4.7 million emissions. The fund is classified as a Category "C" fund by the UN, which indicates that there are either no or very little negative risks involved.

It's interesting to note that SIDBI's fund is the second one this month to focus on climate technology. The Indian debut of climate tech venture studio NOW, which has a $2 million fund set up specifically to invest in early-stage deeptech Indian firms, was officially revealed on March 7.

About SIDBI

SIDBI was designated as the principal financial institution for the promotion, financing and development of industry in the small-scale sector and to co-ordinate the functions of the institutions engaged in the promotion, financing or developing industry in the small-scale sector and for matters connected therewith or incidental thereto in the charter that established it, the Small Industries Development Bank of India Act, 1989.

Read the Next Article

Decentralized gaming network KGeN has Secured $10 Million in Funding

The new funding will help expand its platform, improve gamer rewards, and enhance data features. KGeN’s goal is to build a decentralized network where gamers can own and profit from their data.

By Ayushi Jain
New Update
Decentralized gaming network KGeN has Secured $10 Million in Funding

Kratos Gamer Network (KGeN), a decentralized gaming platform, has raised $10 million in funding led by Aptos Labs. Polygon and Game7 also participated in the round, increasing KGeN’s valuation to $500 million, up from $150 million in February 2023.

Kratos Gamer Network (KGeN), founded in early 2023 by Manish Agarwal, former CEO of Nazara Technologies, and Ishank Gupta, has raised $30 million so far.

Funding Utilisation

The new funding will help expand its platform, improve gamer rewards, and enhance data features. KGeN’s goal is to build a decentralized network where gamers can own and profit from their data. Agarwal described KGeN as a decentralized "Facebook" for gaming communities.

The company has attracted 10.8 million users, including 3.3 million monthly active players, from markets like India, Brazil, and Nigeria. It now plans to expand to emerging regions like the Middle East, focusing on high-value gamers.

Read also - Zepto has Secured Another $350 Mn From Domestic Investors

KGeN’s unique Proof of Gamer (POG) Engine collects gamer data and reputation, allowing players to create and monetize their profiles. This helps gaming companies lower customer acquisition costs by 30–60%, providing a cost-effective alternative to platforms like Meta and Google.

Future Plan of the Krato

As of October 2024, KGeN has an annual revenue of $12.1 million and expects to reach $25 million next year. The company works with over 180 gaming firms to help with user acquisition and improve returns on investment.

The recent funding shows strong investor confidence in KGeN's vision of a fairer, gamer-focused ecosystem. By combining Web2 and Web3 technologies KGeN is becoming a leader in the Web3 gaming industry, driving innovation and empowering gamers worldwide.

About Krato

Since 2022, Kratos Studios has been working to bring millions of micro-gaming communities from emerging markets to Web3, aiming to build the most powerful Proof of Gamer (POG) Engine and the Kratos Gaming Network (KGeN).

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