Sunil Beniwal’s : Boomlly Jaipur based Startup Raised 2.5 million at valuation of 100 million INR
- ByStartupStory | February 27, 2024
From Dropout to Startup Enthusiast
Sunil Beniwal, hailing from Jaipur, Rajasthan, embarked on an extraordinary journey from being a civil engineering dropout at Lovely Professional University, Punjab, to becoming the visionary founder of Boomlly. Despite facing challenges, Sunil utilized gains from part-time trading and investing to fuel his entrepreneurial aspirations.
Education and Early Ventures
Sunil’s educational background includes a stint as a B.Tech civil engineer dropout from Lovely Professional University, Punjab. Before delving into entrepreneurship, he ventured into part-time trading and investing, leveraging the earnings to invest in building his startup.
Spotting the Gap in Gaming
The inception of Boomlly occurred when Sunil identified a noticeable gap in the gaming industry. Fueled by a passion for gaming, he envisioned Boomlly not just as a startup but as a potential unicorn in the gaming space.
The Birth of Boomlly – Jan 2024
Launched in January 2024, Boomlly aimed to address As Ludo games gain popularity, organized competitive gaming events and tournaments could emerge, with professional players competing for prizes and recognition in the burgeoning Ludo gaming scene.sought to create a platform where users could spend less time playing games and still win substantial rewards.
Navigating Through COVID Challenges
Fortunately, Boomlly experienced minimal impact from the COVID pandemic as it had not officially launched during that period.
Boomlly – Gaming for Big Rewards
Product Name: Boomlly
Service: Play games and earn big rewards
Differentiator: Custom tournaments, setting Boomlly apart from competitors like Crickpe, Zupee, and MPL. Sunil emphasized the strength of his fantastic team, comprised of college friends working together.
Market Survey Insights
Before the launch, Sunil and his team conducted a thorough market survey. They identified a prevalent issue – players lacking alternative platforms resulting in reliance on outdated ones with limited rewards and excessive waiting times. As of recent estimates, the global esports market
was valued at several billion dollars annually. According to Newzoo’s Global Esports
Market Report, the global esports market generated $1.08 billion in revenues in 2021,
with an audience of 474 million people worldwide.
Building a Better Platform
The uniqueness of Boomlly lies in its tournament concept, setting it apart from competitors. Despite being smaller than rivals currently, Sunil envisions Boomlly as their next significant competitor.
Strength in Unity – Team Dynamics
The strength of the Boomlly team lies in regular meetings focused on company growth and idea Exchange. Boomlly it self having the capacity to become a billion doller company with in very Short time span.
Future Plans and Funding
Sunil outlined future plans, including mass marketing and building a substantial user base. Boomlly closed a seed funding round of 2.5 million rupees at a valuation of 100 million rupees (10 crores). The focus for future funding is on user base expansion before considering another round for company growth.
Customer Satisfaction and Challenges
Customers have responded positively to Boomlly’s product and services. The significant challenge faced was the time-consuming application building due to the new and innovative.
Words of Wisdom for Entrepreneurs
Sunil’s advice to young entrepreneurs is resolute – don’t give up on your dream. Despite facing skepticism and challenges, he emphasizes that only ‘mad’ people create history. Persistence will eventually make family and friends proud.
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