Esports platform Fanclash to raise $30 million: Report

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E-sports community engagement platform Fanclash operated by Fanbuff Esports India Pvt. Ltd is in discussions to raise about $30 million in a new round from new and existing backers reported Entrackr. This will be the second institutional round for the Gurugram headquartered company in the past two years.

Founded by Richa Singh and Rishabh Bhansali, Fanclash is an e-sports platform for gamers to play and follow various games like Free Fire, PUBG, Counter-Strike and engage with streamers. The funding reports come in at a time as Loco another esports focussed platform closed in a $42 million funding round last week.

FY21 was the first full financial year of Fanclash’s operations and it had remained a pre-revenue stage company in FY21 with nominal income as per Entrackr. The company posted Rs 1.8 lakh in operating revenue during FY21 as compared to zero income in the previous fiscal. Its losses stood at Rs 80.5 lakh in the last fiscal year.

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“Alpha Wave is in late-stage discussions with Fanclash to lead a $30 million round,” one of the people was quoted by Entrackr. “Existing backers Sequoia Capital and Info Edge are set to join the Series B round.” According to reports, Sequoia had led a $12-15 million Series A round in Fanclash in the last quarter of 2021 but the deal is yet to be announced. The company had raised about $500K from Info Edge, the owner of classified portal Quickr in May 2020.

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Some notable investments of Alpha Edge include Ola Electric, Stanza Living and Pine Labs, it also invested in early-stage startups such as 100ms, Wealthy.in, Udayy, Kyt. AWI is also in talks to back 1K Kirana Bazaar.

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