Esports community engagement platform Fanclash is in talks to raise around $30 million in a new round from new and existing backers. This will be the second institutional cycle for the Gurugram-based company in the past two years.
“Alpha Wave is in advanced discussions with Fanclash to lead a $30 million seed round,” said one of the people who requested anonymity. “Existing backers Sequoia Capital and Info Edge are set to join the Series B round.”
According to sources, Sequoia led a $12-15 million Series A in Fanclash in the last quarter of 2021, but the deal has yet to be announced.
Founded by Richa Singh and Rishabh Bhansali, Fanclash is an esports platform for gamers to play and follow various games like Free Fire, PUBG, Counter-Strike and chat with streamers.
The company had raised approximately $500,000 from Info Edge in May 2020.
“Fanclash has grown rapidly and this has attracted the interest of major investors like Alpha Wave. The deal is likely to go through if nothing goes wrong at the last minute,” said another source who also wished not to be named as the talks are private.
Queries sent to Fanclash, Alpha Wave and Sequoia did not elicit an immediate response. We’ll update the story in case they respond.
While Alpha Wave (formerly Falcon Edge) has made big investments since 2021 and its notable investments include Ola Electric, Stanza Living and Pine Labs, it has also invested in early stage startups such as 100ms, Wealthy.in, Udayy , Kyt. AWI is also in talks to support 1K Kirana Bazaar.
Coach had exclusively reported development on February 22.
FY21 was Fanclash’s first full fiscal year of operations and it had remained a pre-revenue stage company through FY21 with nominal income. The company recorded Rs 1.8 lakh in operating revenue in FY21, compared to zero revenue in the previous fiscal year. Its losses amounted to Rs 80.5 lakh in the last financial year.