MetaShot, a Bengaluru-based console gaming startup, on January 28 announced it has raised Rs 11 crore in equity and debt financing to fuel its expansion plans.
The round was led by early-stage venture capital firm Sauce.vc, along with Sharrp Ventures and Panthera Peak Capital.
MetaShot plans to use the funds raised to expand its team, research and development, growth, and brand building initiatives.
Founded by Prince Thomas, Ranjit Kumar Behera, and Ajith Sunny in 2021, MetaShot has developed a smart metaphysical cricket bat that aims to provide consumers with a console-like gaming experience.
The Smart Bat uses advanced sensors to track a user's real-world shots, translating them into virtual shots within the MetaShot game.
"We see Metashot as the perfect way to connect with friends and loved ones over simulated sports. The games are simple, easy to play and makes for a fun social experience for all ages. We are excited by the pipeline of games and feel the price point is perfect to make for gifting and export use case" said Manu Chandra, Partner, Sauce.vc.
MetaShot started selling the smart bat in August 2023 and is currently available across India through e-commerce websites, quick commerce platforms and offline channels. The company recently expanded into the Middle East and plans to launch in the United States shortly, aiming to grow its revenue five-fold during this financial year.
"We’ve already seen over 8 lakh matches on MetaShot in the short span of our journey, validating the customers interest in this unique metaphysical play" said MetaShot co-founder Prince Thomas.
"Our vision for MetaShot is to become a platform that offers a diverse range of games, seamlessly merging the physical and virtual world," he said.
Globally, console gaming is currently valued at $50.9 billion and is expected to reach $91.24 billion by 2033. In India, this market is valued at $2.2 billion and is projected to grow to $8.6 billion by 2028.
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