India’s esports startup FanClash and payments player Innoviti have announced new fundraising.
FanClash raises $40m from Sequoia, others
India’s esports startup FanClash has raised $40 million in its Series B round from Sequoia Capital India, Alpha Wave Ventures (formerly known as Falcon Edge), Info Edge India and Matic Networks.
The firm raised $10 million in its Series A round from Sequoia Capital India, Alpha Wave and Info Edge India in August 2021. Existing investors along with Matic Networks co-led the latest fundraising.
“The company plans to use the funds for global expansion, team building and user acquisition. FanClash released its product in India in 2021 and in the Philippines in June 2022 and aims to launch in Vietnam and the US by early 2023,” said a company spokesperson.
Founded in mid-2020, FanClash started as a fantasy gaming application for all core esports viewers. It has evolved into Asia’s largest esports fantasy platform with operations in India and the Philippines.
Innoviti rases an additional $22m in Series D
Innoviti Payment Solutions, which operates an eponymous payments-focused financial technology firm, has raised an additional $22 million (around Rs 160 crore) as part of its Series D funding round from Alumni Ventures.
Just last month, the startup raised Rs 75 crore ($9.6 million) more as part of its Series D round from existing investor FMO, the development finance institution of the Netherlands.
The company hit the first close of the round in January when it raised Rs 80 crore through a mix of debt and equity from Trifecta Debt Fund, Patni Advisors, and Bessemer Venture Partners, besides a clutch of individual investors. The company said it will be raising another Rs 125 crore over the next few weeks to close the Series D round at Rs 280 crore.