Metaverse startup Gamitronics in talks to raise funding

Gamitronics, the startup behind the Metaverse platform PartyNite, is in talks with investors to raise funding. The company has already raised a strategic investment of $1.5 million from Canada's Big Viking Games.

"We are gearing up for pre-Series A and are in talks with various funds. Something will close in a couple of months," Gamitronics chief executive officer Rajat Ojha told ET. Ojha founded the company in 2017 along with Rajiv Chilaka, the CEO of Green Gold Animation, who are the creators of the popular cartoon Chhota Bheem.

"Big Viking Games of Canada made a strategic investment to the tune of $1.5 million. The investment came in very close to our inception," he added.


Ojha claimed the company has seen a 10-fold growth in 2022. Gamitronics' revenue streams include brand engagement in PartyNite, the sale of land to brands and celebrities on PartyNite, and advertisements in the Metaverse.

"However, this is all changing rapidly, starting from late 2022 itself, where long-term commitments from the brands have started happening," he noted.

In 2022, Bharti Airtel partnered with Gamitronics to unveil India’s first multiplex on the PartyNite Metaverse platform. Recently, Van Heusen, the lifestyle brand from Aditya Birla Fashion & Retail, teamed up with PartyNite to showcase its merchandise range targeted at youths.

The company aims to scale up its revenue by building Play2Earn games, which it says will drive revenues and stickiness. "We are building creator tools to let people organize events without our intervention and pay for premium features," he said.

Besides India, the company is also bullish about the international markets. "We recently opened our office in Dubai, and we are doubling our strength in the next three months. We are already operating in various markets like Mauritius and Canada and are eyeing the US in the foreseeable future," Ojha said.