[Funding alert] FanPlay raises $1.2M in pre-Series A round led by Upsparks, others
Gaming startup FanPlay on Wednesday said it raised $1.2 million in a pre-Series A round led by Upsparks, with participation from CRED Founder Kunal Shah, Goodwater Capital, LetsVenture, Atrium Angels, IIM-Indore Angel Fund, and other angel investors.
FanPlay, founded in 2020, will use the funds to further expand its product offerings and include more game formats on its platform.
Speaking on the development, Bharat Gupta, Co-founder and CEO, FanPlay, said,
“The potential for creator monetisation is massive, and the products available currently are at a very nascent stage. We intend to build world-class products for creators to monetise in multiple ways. We have been able to do it well through gaming and want to augment our product offering with monetisation through gifting, skill-based mini-classes, and other game formats.”
FanPlay organises live games hosted by content creators and social media celebrities on Fangame.live. The startup claims to have retained more than 60 percent of its creators on its platform.
Mohamad Faraz, Co-founder, Upsparks, said, “The gaming industry in India is thriving, and the pandemic has accelerated the popularity of mobile games. FanPlay founder’s vision and execution capabilities will help it to become the largest real money gaming platform in India. We believe that its games and social experience will resonate with many Indians and help fans build relationships with the creators.”
The Y Combinator funded startup is aiming to double the number of creators and users by the end of FY22.
Sunitha Ramaswamy, President, Early Stage, LetsVenture, said, “The Indian gaming industry is one of the fastest-growing segments in the world. With the online gaming segment having a strong foothold within the entertainment industry, it will further see a rise with the segment growing across. This will indeed give a major boost to the Indian economy.”
Edited by Suman Singh