Parent for social networking app for gamers Qlan, Avocore Technologies has bagged $200,000 (approx. Rs 1.7 crore) in a pre-seed funding round led by Marwah Sports, CIIE.CO, and Faad Network.

According to the company, there are over 50,000 gamers on the app. The funds from the round will be used to further expand gamer networking, discovery, and content creation capabilities. As of now, the company has a widespread focus on the Indian subcontinent, Central and Southeast Asia, Europe, North & South America, South Africa, and the MENA regions.

As reported by Live Mint, CEO and co-founder of the company, Sagar Nair says that the pre-seed funding comes as an exciting new phase for the company and expressed his gratitude to the backers.

Director of Marwah group, Pranav Marwah said, “Meaningful and engaged communities will form the bedrock of the fledgling Indian and global gaming ecosystem. With this app, individuals and organizations can focus on what is most important – retention and engagement.”

CIIE.CO vice president at seed investing, Chintan Antani says that government has recognized esports as official sport and is making the regulatory framework. Furthermore, there is also an increase in tournaments and rise in esports players, teams, and sponsors.

“There will be a need to bridge these facets with a community driven solution and enable growth. This is where they fit in and would be ripe to tap into what we feel is a sunrise sector in India today,” Antani said.

Speaking on the association with Avocore Technologies, CEO of Faad Network, Aditya Arora said, “This is where we found a fit in Qlan, which is building a comprehensive solution to join gamers and esports enthusiasts. The stellar team understands these gamers‘ space and pulse and will drive home a scalable business.

Indian gaming industry has over 40 crore gamers, says report

Esports or online gaming in general is becoming popular day by day in India. A recent report from E4M revealed that there were over 400 million gamers in the country. The current market size is believed to be $4 billion and will cross $8.6 billion in FY27. Several of the gamers are also active on social media.

With such an exponential rise of the gaming industry in the country, the government has also started thinking about the regulation of online gaming, and has asked to form Self-Regulatory Organization (SRO) for the same, and even stated that it will form a body on its own if the industry does not adhere by the deadlines.