Indian Esports startup, FanClash, has raised $40 million Series B funding to gasoline its mission to construct a world esports fantasy, knowledge and fan engagement platform. The firm plans to make use of the funds raised for international enlargement, constructing the workforce and person acquisition. FanClash launched its product in India in 2021 and within the Philippines in June 2022 and goals to launch in Vietnam and the USA by early 2023, an organization spokesperson stated.
This succeeds a Series A spherical of $10 million from Sequoia Capital India, Falcon Edge (Alpha Wave Ventures) and Info Edge India in August 2021. Existing buyers together with Matic Networks (Polygon) co-led the most recent fund increase. Online gaming has over 300 million customers in India and Esports has hit an inflection level with over 100 million Indian viewers, Rajan Anandan, MD, Sequoia India, stated. “The online gaming market is also monetising well and is on track to surpass $5 billion in revenues by 2025. Going after this opportunity, FanClash is building a new destination for Esports fans with an incredible product that is loved by its users,” he added additional.
As per the corporate, there are 500 million core Esports viewers globally, rising at 20% CAGR. In India, this quantity stands at 100 million and is anticipated to develop threefold by 2025.
“Esports fans around the world spend about eight to 10 hours a week watching tournaments and gameplay, yet there are not enough avenues for players and viewers to monetise their knowledge in any way. Our customers love FanClash not only because it gives them the opportunity to compete in fantasy games, but also for making them financially independent and hence taken seriously as Esports fans. The industry has corroborated this by the adoption of FanClash in the last 12 months,” Rishabh Bhansali, co-founder of FanClash, acknowledged.
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Source: www.financialexpress.com”