Layoff News
Fantasy Esports Platform FanClash Lays Off 75% of Workforce
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ByStartupStory | March 30, 2023
FanClash, a fantasy esports platform based in Delhi, has allegedly terminated the employment of approximately 100 workers, which represents 75% of its workforce. This comes after the company raised more than $50 million in funding just one year ago.
As per a report by Inc42, a startup supported by Sequoia carried out its layoffs in three phases and provided a severance package equivalent to two months’ salary.
According to information from Tracxn, Sequoia Capital, Alpha Wave Global, and Info Edge are among the investors who have supported FanClash.
FanClash faced challenges following the prohibition of the popular game Battlegrounds Mobile India (BGMI) by the Indian government in July of last year. The startup, which primarily served customers from Tier-II cities and beyond, relied heavily on BGMI for revenue. Consequently, the company had to downsize after suffering a significant setback due to the game’s ban, as per the report.
The company closed down its fantasy Web3 gaming platform, FanGuild, and ceased the operations of its fan engagement platform, FanSpace. FanClash has recently entered the world of cricket before the Indian Premier League (IPL).
As other fantasy gaming platforms like Dream11, My11Circle, and Mobile Premier League (MPL) are preparing for the IPL, FanClash has recently announced layoffs. Additionally, Ashneer Grover, the co-founder of BharatPe, has entered the segment with his new venture Third Unicorn, launching CrickPe.
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