HalaPlay, an online daily fantasy sports startup, has raised Series A funding of Rs 40 crore led by Nazara Technologies, India's leading gaming company, and Delta Corp, the casino gaming company.Sindhu Kashyap
Online daily fantasy startup HalaPlay has raised Rs 40 crore Series A funding in a round led by Nazara Technologies, and Delta Corp India, two veterans in the Indian gaming world. According to a press statement shared by Nazara, the company has been looking at different opportunities in the interactive sports verticals and has also invested in the likes of Moonglabs Technologies, and Mastermind Sports Limited.
Nazara also has majority stake in Nodwin Gaming Pvt Ltd, and Next Wave Multimedia Private Limited. It has also invested in CrimzonCode, and NZWorld (NZWorld Kenya Limited), to set up operations of real money gaming in Kenya.
Founded in 2017, HalaPlay was stared by BITS Pilani alumni with the first product in the fantasy sports segment focused on casual and serious sports fans. The platform currently covers kabaddi leagues, football, and cricket, and is looking to venture into other sports.
In the press statement Swapnil Saurav, CEO, HalaPlay, said, "Fantasy sports has been on the rise, with the market being estimated to be $1 billion currently and is expected to go up to $5 billion in the next two years. Hence this boost could not have come at a better time ensuring and enabling our growth along with Nazara, and Delta.”
The online platform uses real money and claims to have seen growth in its user base. Previously, it had also raised investment from Kae Capital, Angel List, and Nazara Technologies. The startup claims to have seen 10x user growth in a year, and is expected to touch one crore active players by the upcoming cricket season.
In a statement shared by the company, Manish Agarwal, CEO of Nazara Technologies Ltd., said, “Nazara invested in HalaPlay in 2017 and we continue to be excited about the growth story of HalaPlay. We are confident that HalaPlay, with this fresh round of funds, will ride the explosive growth of fantasy sports in India.”
Based out of Mumbai, Nazara is present in across 61 countries, and is also engaged in acquisition and distribution of games from markets like Latin America, the Middle East, Southeast Asia, and Africa, apart from India.
A statement by the company said Nazara has filed a Draft Red Herring Prospectus (“DRHP”). Prior to the filing of the DRHP, IIFL Special Opportunities Fund, and Rakesh Jhunjhunwala had purchased the shares of Nazara. With Electronic Sports League’s (“ESL”) investment in Nazara, and Nodwin’s securing exclusive rights of using the ESL system, Nazara is poised to exploit the expected opportunity in the e-sports business.
On the funding, Ashish Kapadia, Managing Director Delta Corp, said, “Delta believes in the HalaPlay team and their ability to innovate in the daily fantasy sports industry. Their viral growth is proof that they have been able to build a differentiated product that users love. We are excited by their potential, and are confident that this round of funding will help propel them to even greater heights.”