BalleBaazi, an online fantasy gaming platform, has raised $4 million in Series A funding round from two private equity funds based out of Singapore and Delhi.
The company will utilise the funds to expand its business to the newer markets and enhance the gaming experience for users. Besides this, the Delhi-based firm also plans to introduce more games under the umbrella of fantasy gaming, thus engaging with audience across different genres of sports.
Founded in January 2018, the fantasy sports site offers cricket fans an opportunity to showcase their knowledge of the game, their team making skills, and in turn encash these skills by playing on the platform.
At present, the company, which claims to have cemented its position among the top fantasy cricket platforms, boasts of a 3 million user base engaging on the platform. Its app is available for Android and iOS users.
Commenting on the investment, Saurabh Chopra, CEO, BalleBaazi said,
“The online gaming industry in India is growing marvellously and is poised to grow even faster. The potential is huge and the funds will certainly pave way for newer innovations and catalyse our upward journey at BalleBaazi.’’
BalleBaazi had recently received a funding of $1 million from Baazi Games, its parent company. Moreover, the company has also signed the former Indian cricketer Yuvraj Singh as its brand ambassador.
Navkiran Singh, Founder & CEO at Baazi Games, also commented on the development and said,
"From the signing-up of Yuvraj Singh as the brand ambassador to securing $4 million funding, we are all padded-up for game-defining performance in times to come!"
In April 2019, Dream 11, one of the better known fantasy gaming sites in India, secured a position in the prestigious ‘unicorn’ club after the completion of a secondary investment by Steadview Capital.
Last month, Mumbai-based gaming company Nazara Technologies invested in three startups SportsKeeda, Qunami, and HalaPlay. Gaming platform Paytm First Games (formerly Gamepind), a joint venture between Alibaba Group’s AGTech and Paytm, is also in talks with investors to raise $25 million.
In May 2019, Mumbai-based Games2win, a publisher of casual mobile games with more than 230 million downloads, announced the launch of its REPLAY Gaming Fund that is targeted at gaming startups and entrepreneurs. The company will invite gaming startups seeking funding, mentor them through the development process and market their products using its network.