E-sports community engagement platform: Fanclash in talks to raise $30 Mn via Alpha Wave
- ByStartupStory | March 17, 2022
Fanclash, an E-sports community engagement platform is in discussions to raise about $30 million in a new round from new and existing backers. In the past two years, this will be the second institutional round for the Gurugram headquartered company.
With Fanclash, Alpha Wave is in late-stage discussions so as to lead a $30 million round, said one of the people requesting anonymity. To join the Series B round, existing backers Sequoia Capital and Info Edge are all set.
According to sources, in the last quarter of 2021 Sequoia had led a $12-15 million Series A round in Fanclash but the deal is yet to be announced.
Fanclash was founded by Richa Singh and Rishabh Bhansali. It is an e-sports platform for gamers to play and follow various games like Counter-Strike, Free Fire, PUBG, and engage with streamers.
In May 2020, the company had raised about $500K from Info Edge.
Since 2021, while Alpha Wave (formerly Falcon Edge) has been making big investments and its notable investments include Stanza Living, Ola Electric, and Pine Labs, it also invested in early-stage startups such as Udayy, Kyt, 100ms, Wealthy.in. AWI is also in talks to back the 1K Kirana Bazaar.
The first full financial year of Fanclash’s operations was FY21 and in FY21 with nominal income it had remained a pre-revenue stage company. During FY21, the company posted Rs 1.8 lakh in operating revenue as compared in the previous fiscal to zero income. In the last fiscal year its losses stood at Rs 80.5 lakh.
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