Alpha Wave backs India e-sports platform FanClash
Alpha Wave Global has led a USD 40m Series B round for Indian e-sports platform FanClash with support from Sequoia Capital India, Info Edge Ventures, and web3 platform Polygon Technology.
US-based Alpha Wave, formerly Falcon Edge Capital, is investing via a USD 300m India-focused early-stage fund that is mandated to make commitments of up to USD 5m. The firm was active in the local virtual sports and gaming space as recently as April when it joined a USD 120m round for Rario, a blockchain-based cricket platform.
Founded in 2020, FanClash describes itself as India’s first e-sports fantasy platform. The idea is to help gamers pursue careers as e-sports players via tools for setting up tournaments, creating fantasy leagues, and chatting with like-minded players.
Fantasy gaming involves player-to-player competitions, whereby users create their own virtual teams based on real-life players participating in actual matches. Points are scored for on-field performance, and cash prizes are earned. India is a global hotspot for the hobby.
FanClash applies this concept to popular competitive videogames, especially those based on multi-player offerings where players compete as teams. It facilitates fantasy tournaments for popular titles including PUBG, Call of Duty, and League of Legends.
Alpha Wave, Info Edge, and Sequoia India provided a USD 10m Series A last year. The Series B capital will be applied to an expansion beyond India and an initial foothold in the Philippines; there are plans to enter Vietnam and the US next year.
The company appears to be unrelated to fantasy sports technology provider and gaming app called FanClash, which was acquired earlier this year by Canada-listed GameOn.
India’s Supreme Court has upheld fantasy sports as games of skill rather than gambling events. State-by-state challenges on the status of games such as rummy have introduced significant regulatory uncertainty.
Nevertheless, legal support and high local demand have underpinned a significant VC-backed start-up scene, including the likes of Mobile Premier League (MPL) and Dream Sports, also known as Dream11. The companies were valued at USD 2.3bn and USD 8bn, respectively, in their most recent rounds.
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