MUMBAI: Online fantasy gaming platform BalleBaazi has raised $4 million (approximately Rs280 million) in Series A funding round from two private equity funds based out of Singapore and Delhi.
The company will utilise the funds to expand its business to the newer markets and enhance the gaming experience for users. Besides this, the Delhi-based firm also plans to introduce more games under the umbrella of fantasy gaming, thus engaging with audience across different genres of sports.
Founded in January 2018, the fantasy sports site offers cricket fans an opportunity to showcase their knowledge of the game, their team making skills, and in turn encash these skills by playing on the platform.
At present, the company, which claims to have cemented its position among the top fantasy cricket platforms, boasts a 3 million user base engaging on the platform. Its app is available for Android and iOS users.
“The online gaming industry in India is growing marvellously and is poised to grow even faster. The potential is huge and the funds will certainly pave way for newer innovations and catalyse our upward journey at BalleBaazi,” Saurabh Chopra, CEO at BalleBaazi, said.
BalleBaazi had recently received a funding of $1 million from Baazi Games, its parent company.
Navkiran Singh, founder & CEO at Baazi Games, said: “From the signing-up of Yuvraj Singh as the brand ambassador to securing $4 million funding, we are all padded-up for game-defining performance in times to come.”
Earlier this year, Dream11 joined the Indian unicorn club with an investment from Steadview Capital at a $1 billion valation.
Last month, Mumbai-based gaming company Nazara Technologies invested in three startups – SportsKeeda, Qunami, and HalaPlay, YourStory.com reports. Gaming platform Paytm First Games (formerly Gamepind), a joint venture between Alibaba Group’s AGTech and Paytm, is also in talks with investors to raise $25 million, the website further reports.
In May, Mumbai-based Games2win, a publisher of casual mobile games with more than 230 million downloads, announced the launch of its REPLAY Gaming Fund that is targeted at gaming startups and entrepreneurs. The company will invite gaming startups seeking funding, mentor them through the development process and market their products using its network.
The fantasy sports industry is already worth Rs 43.8 billion and is expected to reach Rs 118.8 billion by FY23, growing at 22.1% CAGR, according to the Evolving Landscape of Sports Gaming in India report.
Fantasy sports in India has grown by 199.69%, generating a total revenue of about Rs 670 million ($9.5 million) in 2016-17, Deloitte reports.
According to a Frost & Sullivan report, India’s gaming market is expected to earn revenues worth nearly $340 million (Rs 24 billion) by 2021.
