Online fantasy gaming platform BalleBaazi has received funding of $4 million from two private equity funds based out of Singapore and Delhi, in series A round.
The funds raised will be used to expand to newer markets and introduce more games.
The platform had recently received funding of $1 million from Baazi Games, its parent company.
BalleBaazi witnessed significant growth this year thanks to Indian Premier League and ICC World Cup.
The platform was targeting three million active users by the end of the World Cup and also had plans to launch more sports on its platform shortly after the sporting event ended.
With the two cricketing events coming to a close, BalleBaazi still remains optimistic about the fantasy sports space and believes there will never be a slowdown.
“Today, cricket is being played throughout the year with many international fixtures and domestic leagues taking place every month. Also, other sports like football and kabaddi are growing in popularity giving the gamers more fixtures to play,” Saurabh Chopra, CEO, Ballebaazi, had told Moneycontrol in an earlier interview.
Started in 2018, BalleBaazi claims to have around a million users per month engaging on the platform.
Earlier this year the company had also got on board former cricketer Yuvraj Singh as their brand ambassador.
Investments in the online gaming space are increasing with the growth peaking due to high engagement from gamers in India.
The industry is attracting venture capital funding and this is allowing the gaming platforms to upgrade their services and introduce new games.
According to a Frost & Sullivan report, India’s gaming market is expected to earn revenues worth nearly $340 million by 2021.
The industry has already got its first gaming unicorn. ESports firm Dream11 joined the unicorn club with the company being valued at $1 billion. The company aims to double its user base to 100 million by the end of the year.