Fantasy gaming startup HalaPlay has raised Rs 9 crore in a new funding round from Milan Ganatra Ventures. With this funding, founder and former CEO of Miles Software, Milan Ganatra marks his entry into India’s prospering online gaming ecosystem.
Milan has invested nearly Rs 9 crore against 6.5 percent equity in the Daily Fantasy Sports (DFS) platform which is a subsidiary of the publicly listed Nazara Technologies. Milan will be seen mentoring the young team of HalaPlay in his investor role.
Before this, the Bengaluru-based gaming startup raised two rounds of funding in an undisclosed seed round in November 2017 and a Rs 40 crore Series A round in December 2018.
The online gaming industry is anticipated to grow at a compound annual growth rate (CAGR) of 40 percent to $2.8 billion by 2022, up from $1.1 billion in 2019, according to a report published by Deloitte India in January 2021.
Although fantasy gaming is suspected to bear losses with IPL suspension this year due to the pandemic, it has been a burgeoning market in India given the never-ending IPL craze among the Indians. Also, there is no shortage of fans for other sports such as football.
With Nazara IPO witnessing huge listing gains, MPL quickly approaching the unicorn status with the latest $95 million Series D round and the fishing bandwagon of players, online gaming has already become popular among the investors.
As Milan stated, India’s online gaming ecosystem has been on a constant upward trajectory with the market set to rise to Rs 18,700 crore by 2022.
“With the incredible potential it has shown so far, I felt that it was the right time to make a move. HalaPlay is amongst the top companies in the category which makes it an ideal platform to enter the space with,” he added.
Fantasy gaming is becoming increasingly popular in the country and HalaPlay is doing justice to the demands of customers through their amazing platform. The company has huge growth prospects in the Indian market. My best wishes to the team of HalaPlay.Shishir Gupta, Founder and CEO, StartupLanes
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