BengaluruStarting an EsportsEffects 40 million dollars in series b Funding to support its mission to build a global platform for esports imagination, data, and fan engagement. Existing investors, including Sequoia Capital India, Falcon Edge And the India’s Edge Information along with matic networks (Polygon), co-led the latest fundraising.
This follows a $10 million Series 1 round from Sequoia Capital India, Falcon Edge (Alpha Wave Ventures) and Info Edge India in August 2021.
The company plans to use the funds raised for global expansion, team building, and user acquisition. FanClash released its product in India in 2021 and in the Philippines in June 2022, and aims to launch in Vietnam and the United States by early 2023, a company spokesperson said.
Founded in mid 2020, FanClash started its journey as a fantasy gaming app for all the essential esports viewers and has grown into the largest esports fantasy platform in Asia with operations in India and the Philippines.
“Esports enthusiasts around the world spend about 8-10 hours per week watching tournaments and gameplay, yet there are not enough ways for players and viewers to monetize their knowledge in any way. Our customers love FanClash not only because it gives them the opportunity to compete in fantasy games. , but also to make them financially independent and thus taken seriously as esports fans.” Rishabh Bhansali, co-founder of FanClash, confirmed that the industry has confirmed this through the excellent adoption of FanClash in the past 12 months.
Forum for fans
According to the startup, there are 500 million viewers of primary esports globally, with a compound annual growth rate of 20 percent. In India, this figure is 100 million and is expected to grow threefold by 2025.
FanClash provides a forum for fans to not only enjoy the game as a viewer, but also enable them to monetize their knowledge of esports. Users can create their own fantasy teams from each tournament and earn rewards based on the teams’ real-world performance. This is like monetizing your knowledge of cricket or football via other fictional platforms.
The platform allows users to play fantasy in all global tournaments across top esports like FreeFire, PUBG Mobile, COD Mobile, COD PC, Valorant, CS: GO, League of Legends, DOTA 2 etc.
“We aspire to be a household name in the global gaming community. This is possible in esports, as opposed to traditional esports, because core gaming titles have a global audience. On a broader level, our vision is to make the Indian startup ecosystem proud by creating a ‘digital product’ Global from India, to the world” and we believe we have the right ingredients to become world leaders,” said Richa Singh, Co-Founder of FanClash.
according to Rajan Anandan, Physician, Sequoia IndiaOnline gaming has more than 300 million users in India and esports has reached an inflection point with more than 100 million Indian viewers.
“The online gaming market is also profitable and is on track to cross $5 billion in revenue by 2025. With this opportunity, FanClash is building an exciting new destination for esports enthusiasts with an amazing product loved by its users,” he said.
Big and growing market
The founding team of FanClash is from IIT Kharagpur and IIM Ahmedabad. Across careers, the team comprises of talent from leading institutes (IITs and IIM), technology companies and startups such as Amazon, Samsung, Zomato and Paytm.
“The team is even more special to us because Richa is a founder of Yield we supported for the second time. Execution from day one has been phenomenal, with Fanclash becoming a category leader within two years of their inception. They have been extremely capital efficient and witness strong user love, which is reflected in superior engagement. and retain users on the platform.
“Esports is a large and growing market globally, and Fanclash, with its global ambitions, is well positioned to become the global leader in esports fantasy,” said Kitty Agarwal, Partner, Info Edge Venture Fund.
“Esports has proven to be the next step in the evolution of the gaming industry. This is a global market that continues to have huge unresolved issues around fantasy as well as fan interaction. Using data as a moat, we were very impressed with the way FanClash has built its gaming platform for global markets. The company has also demonstrated its operational strength across all international markets, while maintaining high capital efficiencies – which is reflected in industry-leading metrics such as LTV/CAC,” Anirudh Singh, MD, Alpha Wave Global.