BuyStars raises $5M from Lumikai and Chiratae for gaming business
- ByStartupStory | March 15, 2023
Lumikai led a pre-Series A funding round for BuyStars, a gaming platform that raised $5 million. Other investors, including Chiratae and Leo Capital, also participated in the funding round.
BuyStars, a gaming platform founded in 2021 by ex-Junglee Games executive Aman Sathija and former Flipkart executive Sriram Krishnamoothy, has raised $5 million in a pre-Series A funding round led by Lumikai, with participation from Chiratae and Leo Capital. The funds will be used to launch new games on the platform, which offers real-money games such as fantasy games, player trading, trump cards, and more.
Salone Sehgal, Founding General Partner of Lumikai, commented that “Aman Sathija and Sriram Krishnamoothy’s strategy of using collectibles and trading cards to target a fantasy-focused audience and boost engagement and retention is highly convincing”.
According to a statement released by the company, BuyStars has secured $9 million in funding from various sources including venture capital firms.
About two years after its launch, BuyStars has reported having 1.5 million registered users. The company also disclosed that it was among the 19 startups backed by Chiratae’s Sonic programme, which provided seed funding to the company in 2022.
Sehgal stated that the sports collectibles market worldwide has an annual value of $5.4 billion and the trading volume of sports cards is increasing at a rate of almost 140% per year.
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