PANews reported on August 5th that, according to TechCrunch, Indian social gaming platform STAN has completed an $8.5 million equity financing round, led by Google AI Futures Fund, with participation from Japanese game giant Bandai Namco, Square Enix, Reazon Holdings, Aptos Labs, King River Capital, General Catalyst, and GFR Fund.
The STAN platform allows users to earn in-app currency "Gems" through competitive games like PUBG Mobile, and enables creators to establish chat rooms called "Clubs", which are customized channels for each game on the platform. Joining these Clubs requires paying a social currency to access the "gaming experience" provided by creators, with the company taking a commission from these transactions. Gems can be exchanged for vouchers on major e-commerce platforms such as Amazon, PhonePe, and Flipkart. STAN has over 25 million total downloads on Google Play Store and Apple App Store, with approximately 5.5 million monthly active users.
