Indian Esports startup, FanClash, has raised $40 million Series B funding to fuel its mission to build a global esports fantasy, data and fan engagement platform. 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 in the Philippines in June 2022 and aims to launch in Vietnam and the USA by early 2023, a company spokesperson said.
This succeeds a Series A round of $10 million from Sequoia Capital India, Falcon Edge (Alpha Wave Ventures) and Info Edge India in August 2021. Existing investors along with Matic Networks (Polygon) co-led the latest fund raise. Online gaming has over 300 million users in India and Esports has hit an inflection point with over 100 million Indian viewers, Rajan Anandan, MD, Sequoia India, said. “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 further.
As per the company, there are 500 million core Esports viewers globally, growing at 20% CAGR. In India, this number stands at 100 million and is expected to grow 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, stated.