Indian Fantasy Gaming Company Bags $40 Million

FanClash, a local esports startup, announced on Friday that it has raised $40 million in Series B funding to expand its global footprint. FanClash, which was founded in mid-2020, has recently expanded to the Philippines and aspires to be a global leader in e-sports.

Sequoia Capital India, Falcon Edge, Info Edge India, and Matic Networks led the Series B funding round. "FanClash released its product in India in 2021 and in the Philippines in June 2022 and aims to launch in Vietnam and the US by early 2023", a company spokesperson said in a statement.

Sequoia Capital India, Falcon Edge (Alpha Wave Ventures), and Info Edge India previously invested $10 million in the startup in Series A. FanClash began as a fantasy gaming application for all core esports viewers and has since grown to become Asia's largest esports fantasy platform.

According to the startup, there are 500 million core esports viewers worldwide, with a 20% CAGR (compound annual growth rate). There are currently 100 million users in India, with the number expected to triple by 2025. FanClash users can create fantasy teams from any tournament and earn rewards based on the teams' real-life performance.