Lysto raises $12 Mn in pre-Series A round

Lysto, a platform for gamers, has raised over $12 million in its pre-Series A round. The round saw participation from institutional as well as gaming and crypto investors such as Square Peg, BEENEXT, Hashed, Tiger Global and Better Capital. Balaji Srinivasan, Paul Veradittakit, Binny Bansal and Bobby Ong and TM Lee among others, also participated. 

In November 2021, the Bengaluru-based and Singapore-based startup had raised $3 million in its seed round  from marquee investors and angels. 

Founded by Sadiq Ahamed,  Lysto provides tools for creating and selling NFTs. Moreover it  provides solutions to industries such as e-commerce, gaming, entertainment, animation, among others.

Lysto also announced ‘Proof of Play Protocol (PoPP)’, which aims to standardise gamer credentials and reputation across the industry. Gamers would also be able to showcase these credentials through an on-chain identity platform.

Lysto has become 13th Indian origin startup to raise early stage funding from Tiger Global. On Monday, academic-focused fintech startup Jodo raised $15 million in Series A financing round led by the New York-based fund.