Millions of Indians each year assemble virtual sports teams and place their hopes on the players they pick to perform well in real-world matches Users make money if predictions are correct.
FanClash, a two-year-old Indian startup, is trying to bring popular video games to this fantasy sports world. $40 million of fresh funding was poured into the startup on Friday as investors predicted that the model would deliver.
Alpha Wave Global was formerly known asFalcon Edge Capital. The round was participated in by a number of companies. There was a $10 million Series A raised by FanClash.
Users compete with one another across several popular titles, including Counter Strike: Go, FreeFire and League of Legend, by selecting their favorite players and spinning up made up teams.
Millions of Indians watch and play video games. Billion-dollar opportunities are being built by startups due to the growing appetite for daily fantasy sports. Richa Singh, co-founder and chief executive of FanClash, said in an interview that esports fans who want to monetize their skills and knowledge weren't served before.
We don't focus on other tournaments. Casual games are not something we are looking into. When there is a new sport, there will be a data layer and a fantasy layer built on top of it. They lack data and fantasy layers, but they have a bigger following than cricket.
Singh wouldn't say how many customers FanClash has amassed, but said the startup has been growing fast since it launched, and is clearly the biggest fantasy business in India.
The managing director of Sequoia India and Southeast Asia said that online gaming has over 300 million users in India.
The online gaming market is expected to bring in $5 billion in revenues by the year 2025. FanClash is building an exciting new destination for fans of the game with an amazing product that is loved by its users.
India is FanClash largest market and it is exploring international expansion. Singh stated that it was experimenting in the Philippines.
We want to be a household name in gaming. Our goal is to make the Indian startup community proud by creating a global digital product from India, for the world, and we believe we have the right ingredients to become world leaders.
Fresh funds will be used to hire talent and scale the platform. She said that they were going public with their news because of this.
The evolution of the gaming industry has shown that sports are the next step. Anirudh Singh, managing director at Alpha Wave Global, said in a statement that the market has a lot of unresolved problems. Alpha Wave Global is a large supporter of Dream11.
FanClash has built out its platform for global markets using data as a moat. While maintaining high capital efficiency, the company has shown its execution strength in all international markets. He said they are looking forward to helping build out a global platform.
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