Every year, millions of Indians form virtual sports teams, pinning their hopes on players who will perform exceptionally well in real-world matches. If the predictions are correct, users earn money.
Gurugram-based fantasy esports startup FanClash has raised $40 million in its Series B round led by Alpha Wave Global. Marquee investors Sequoia Capital India, Info Edge, and Polygon also participated in the funding round.
The startup raised a total of $50.5 million in three rounds, including a $10 million Series A round. FanClash will use the incoming funds to recruit multiple positions and scale its platform.
Founded in 2020 by IIM-A alumni Richa Singh and Rishabh Bhansali, FanClash offers a fantasy sports experience for esports. Users can compete with each other, similar to other fantasy sports like cricket or football, but in esports.
The platform runs competitions between games like PUBG, Call of Duty, and Valorant, among others, and allows users to create fantasy teams and compete with each other.
FanClash claims its mobile app has around 60,000 active users with 100,000 downloads. The startup also claims to have handed out INR 52 Lakh in earnings so far.