FanClash, an esports fantasy platform, announced on June 17 that it had raised $40 million in Series B funding from existing investors Alpha Wave Ventures (formerly Falcon Edge), Sequoia India, Info Edge India, and new investor Polygon (Matic Networks), as esports continues to gain traction among Indian consumers.
The startup’s total funding now stands at over $50 million, including a $10 million Series A round in August 2021.
FanClash, founded by Richa Singh and Rishabh Bhansali in mid-2020, aims to bring the fantasy sports format to the esports segment, allowing users to create fantasy teams of professional gamers across a variety of popular titles, including PUBG Mobile, FreeFire, Call Of Duty Mobile, Valorant, Counter-Strike: Global Offensive (CS:GO), League of Legends, and DOTA 2, and compete against one another in global tournaments. They can win real money based on the teams’ actual performance.
In some ways, it’s comparable to a number of online platforms that provide fantasy sports, such as Dream11 and Mobile Premier League, but these platforms focus on conventional sports like cricket, whereas FanClash is only focused on esports.
In 2021, FanClash debuted its app in India, and in June 2022, it expanded to the Philippines. It added in a statement that the cash received will be used to support its worldwide expansion objectives, as well as user acquisition and staff expansion. By early 2023, the company hopes to launch in Vietnam and the United States.
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( With inputs from indiainfoline)