India-based esports fantasy platform FanClash raised USD 40 million in Series B funding. The round took place on June 17, 2022. Matic Networks (Polygon) and existing investors such as Sequoia Capital India, Falcon Edge and Info Edge India participated in the funding for FanClash.
Purpose of Funding for FanClash
With the recent investment, FanClash wants to fuel its mission to find a global footprint. Meanwhile, the startup also seeks to establish an esports fantasy, data, and fan engagement platform.
A spokesperson from Fanclash said, “The company plans to use the funds raised for global expansion, building the team and user acquisition. FanClash released its product in India in 2021 and the Philippines in June 2022. Moreover, it aims to launch in Vietnam and the USA by early 2023.”
Earlier in August 2021, the esports startup raised USD 10 million in a Series A round. Sequoia Capital India, Falcon Edge and Info Edge led the funding back then for the firm.
What the founders have to say
“Esports fans around the world spend about 8-10 hours a week watching tournaments and gameplay. However, there are not enough avenues for players and viewers to monetise their knowledge in any way. Our customers love FanClash not only because it allows them to compete in fantasy games but also for making them financially independent. Hence it is taken seriously as esports fans. The industry has corroborated this by the stellar adoption of FanClash in the last 12 months,” said Rishabh Bhansali, Co-founder of FanClash.
“We aspire to be a household name in the global gaming community. This is possible in esports, unlike traditional sports, because the underlying game titles have a global audience. At a broader level, our vision is to make the Indian startup ecosystem proud by creating a global digital product from India for the world’, and we believe we have the right ingredients to become world leaders,” said Richa Singh, Co-founder of FanClash.
What the investors have to say
“Online gaming has over 300 million users in India, and esports has hit an inflection point with over 100 million Indian viewers. The online gaming market is also monetising well and is on track to surpass USD 5 billion in revenues by 2025. Going after this opportunity, FanClash is building an exciting new destination for esports fans with an incredible product that its users love. We are inspired by their mission to revolutionise the esports industry, and Sequoia Capital India is excited to partner with the FanClash team,” said Rajan Anandan, MD, Sequoia India.
The team is even more special for us since Richa is a returning founder whom we backed for a second time. The execution since day 1 has been phenomenal, with Fanclash becoming a category leader within two years of inception. They have been extremely capital efficient and are seeing strong user love, reflected in the platform’s superior engagement and retention of users. “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,” stated 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 still has massive unsolved problems around fantasy as well as fan engagement. Using data as a moat, we were very impressed with the way FanClash has built out its gaming platform for global markets. The company has also shown its execution strength across all international markets while maintaining high capital efficiency – reflected in the industry-leading metrics like LTV/CAC,” said Anirudh Singh, MD, Alpha Wave Global.
Richa Singh and Rishabh Bhansali co-founded esports fantasy startup FanClash in 2020. Currently, it has operations in India and the Philippines. The startup allows its users to play fantasy games in all leading global tournaments across top esports. The esports include FreeFire, PUBG Mobile, COD Mobile, COD PC, Valorant, CS:GO, League of Legends, and DOTA 2.
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