Daily fantasy sports HalaPlay Technologies has picked up Rs 40 crore from mobile gaming startup Nazara Technologies and casino gaming company Delta Corp in a Series A round.
The company will use the fresh capital to amp up marketing, product development and talent recruitment.
Swapnil Saurav, Prateek Anand, Ananya Singhal and Aman Kesari founded Halaplay in January 2017. The company claimed its user base grew ten times in the last one year.
Daily fantasy sports is a multi-billion dollar industry with millions of users across a broad range of popular sports. The two largest daily fantasy sports companies, US based FanDuel and DraftKings, process billions of dollars in entry fees every year.
“Fantasy sports has been on the rise, with the market being estimated to be USD 1 billion currently, and is expected to go up to USD 5 billion in the next two year. Hence, this boost could not have come at a better time ensuring and enabling our growth,” Swapnil Saurav, chief executive officer, HalaPlay, said in a statement.
HalaPlay offers its services and leagues across all ODI, Test, T20s International Matches and few domestic leagues. The firm also covers EPL, La Liga, ISL, Champions Trophy, Euro Cup, World Cup matches in football.
Fantasy players compete against others by building a team of professional athletes from a particular league or competition while remaining under a salary cap, and earn points based on the actual performance of the players in real-world competitions. It's structured in the form of paid contests where winners receive a share of a pre-determined pot funded by their entry fees. Halaplay gets 15% off each pot.
Headquartered in Mumbai, Nazara Technologies Ltd is engaged in acquisition and distribution of mobile games across emerging markets such as India, Middle East, Africa, Southeast Asia and Latin America. Delta Corp Limited is the only listed company in the casino (live, electronic and online) gaming industry in India.
Tencent-backed Dream11 dominates the fantasy sports sector in India. The firm is in talks with Hong Kong-based hedge fund, Steadview Capital, for a fresh round of investment to enter the unicorn club, VCCircle reported earlier. Dream 11 has 50 million plus users and over USD 100 million in capital.
Around 100 million Indians will play fantasy sport by the end of this year, according to a joint report by Indian Federation of Sports Gaming and market research firm AC Nielsen. India’s online gaming industry is projected to grow at an annual compounded rate of more than 22% to touch Rs 11,880 crore by 2023.