HalaPlay Raises Rs 9 Cr from Serial Entrepreneur Milan Ganatra

HalaPlay, a Bengaluru-based fantasy game startup, recently raised Rs 9 crore in a funding round led by Milan Ganatra Ventures.

Home » HalaPlay Raises Rs 9 Cr from Serial Entrepreneur Milan Ganatra

HalaPlay, a Bengaluru-based fantasy game startup, recently raised Rs 9 crore in a funding round led by Milan Ganatra Ventures. Milan Ganatra, founder and former CEO of Miles Software, marks his entrance into India’s thriving online gaming community with this investment.

M Ganatra has invested approximately Rs 9 crore in the Daily Fantasy Sports (DFS) network, a subsidiary of the publicly traded Nazara Technologies. Milan, a veteran of digital technology and investment, will be seen mentoring HalaPlay’s young team in his investor role.

HalaPlay previously raised two rounds of funding: an anonymous seed round in November 2017 and a Rs 40 crore Series A round in December 2018.

Nazara buys Kae Capital’s stake in Halaplay; becomes majority investor

Milan began his entrepreneurial career in 1998 with Miles Software; which he sold almost two decades later to Ebix Cash in 2018. Milan has been investigating the fintech market since leaving the firm. He recently unveiled 1Silver Bullet, a fintech startup, with a $1 million initial investment (about Rs 7.2 crore)

In addition, he has developed a $200K investment analytics company called Finalyca; as a joint venture with portfolio management services company PMS Bazaar. Milan has already made an undisclosed investment in the school fee funding venture Financepeer.

According to a Deloitte India report published in January 2021; the online gaming market is forecast to rise at a compound annual growth rate (CAGR) of 40% to $2.8 billion by 2022; up from $1.1 billion in 2019.

While expected to suffer losses as a result of the IPL’s indefinite suspension this year due to COVID-19; fantasy gaming has been a rising industry in India as a result of the never-ending IPL craze among Indians. Many games, such as rugby, have a large following.

With the Nazara IPO seeing stellar listing profits, MPL approaching unicorn status with the recent $95 million Series D round; and the fishing bandwagon of gamers, online gaming has already taken a hot seat among investors.

As Milan said, India’s online gaming ecosystem has been steadily growing; with the industry expected to reach Rs 18,700 crore by 2022.

READ MORE Latest News here!

Leave a Reply

Your email address will not be published. Required fields are marked *