How app development company Yudiz builds global blockchain apps, games from India
IPO-bound Yudiz Solutions builds blockchain apps (among other technologies) for customers in various sectors such as gaming, social media, healthcare, and more.
In the last few years, Indian founder-led blockchain startups have made a name for themselves in the Web3 sector. Some examples are Polygon, Biconomy, Push and Protocol (previously EPNS).
While these startups build infrastructure for decentralised networks, other companies offer solutions for building B2C and B2B blockchain apps and services. These include larger players such as Accenture and EY, as well as several small-scale studios.
One such prominent player in India is , which builds blockchain apps (among other technologies) for customers in various sectors. These include gaming, social media, healthcare, and more.
“Building your own blockchain or blockchain app can be a difficult task, as there are many networks and technologies to choose from. That’s where we come in,” Bharat Patel, Chairman and Director, Yudiz, tells The Decrypting Story.
The Ahmedabad-based firm, founded in 2011 by Pratik Patel and Chirag Leuva, has a team of blockchain developers that builds decentralised apps (DApps), blockchain games, and other types of apps based on the tech best-suited for the customer’s use case.
Blockchain app development
Across a range of projects, Yudiz has built blockchain-powered platforms to connect job seekers with hiring managers, patients with healthcare organisations, hosting play-to-earn games, etc.
For instance, it has built a blockchain platform for integrating land, financial and production systems for an undisclosed oil and energy company. This project leveraged Hyperledger--the enterprise-grade private blockchain network.
Some of Yudiz’s other projects make use of public blockchain networks. For example, it has built a mindfulness development platform and a healthcare platform on the EOS network.
“On a healthcare platform built on blockchain, there is no chance of data being tampered with. Data flow will remain intact, and prevent any risks associated with a centralised system. These advantages are also applicable to other sectors,” Patel explains.
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Road to IPO
Yudiz has now scaled to a team size of over 400, and is on the road towards going public.
In May 2023, the company received approval from the National Stock Exchange (NSE) for a small and medium enterprises (SME) IPO (initial public offer).
In 2022-23, the firm clocked Rs 18.76 crore in revenue from operations. In 2019, Ability Games acquired an undisclosed stake in Yudiz.
Now, Yudiz is set to invest Rs 8 crore to set up a game publishing studio. The firm also taps into opportunities for building apps with AI/ML and AR/VR tech.
A 2022 survey by NASSCOM revealed that 90% of digital enterprises are expecting to increase their investments across blockchain, AI/ML, IoT, AR/VR, and Edge.
Yudiz wants to increasingly tap into this trend of enterprises looking to use cutting edge tech in its new products and services.
“We get leads from such enterprises not only from India, but also from around the world. Our team of lead qualifiers then set out to figure which leads make sense,” Patel says.
A deal then passes through the sales pitch, budgeting, research and development, and execution and delivery.
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Focus on gaming
Alongside its IPO, Yudiz is focusing on the launch of its gaming unit, and wants to produce over 40 games in the next one year.
The game studio will focus on creating games across platforms as well as for other publishers. Yudiz also plans to enable other developers to publish games on its platform.
At the time of Yudiz’s IPO approval, Patel said the new gaming unit will provide the firm with the resources to drive innovation and expand its gaming portfolio and communities.
“It will also enable us to forge strategic partnerships, attract talent, and cement our position as strong contenders in the space,” he said.
Industry reports by Mordor Intelligence peg the growth of the blockchain-as-a-service (BaaS) industry in India at 15.2% between 2021-26 and the gaming market in India at 15.68% between 2023-28.
Edited by Megha Reddy