Fantasy gaming start-up HalaPlay has raised INR 9 crore from Milan Ganatra Ventures. With this round of fund-raising, Milan Ganatra marks his entry into India’s online gaming ecosystem. A veteran investor in software technologies, Milan will be mentoring the young team of HalaPlay in this role. Prior to this round, HalaPlay has raised two rounds of funding in November 2017, and INR 40 crore in December 2018.
Milan began his entrepreneurial journey back in 1998, with Miles Software, and selling it in 2008 to Ebix Cash. He has recently launched a fintech start-up “1Silver Bullet” with an investment of $1 million/INR 7.2 crore. He has also invested an undisclosed amount in ‘Financepeer’, a school fee financing start-up. As an investor, he is constantly on the lookout for investment opportunities in the fintech sector. In addition, he has also invested $200K to set up a platform named ‘Finalyca’, which will look into investment analytics. This is a joint venture with PMS Bazaar, a portfolio management services firm.
As per a Deloitte India Report released in January 2021, the online gaming industry is predicted to grow to $2.8 billion by 2022, at a compound annual growth rate (CAGR) of 40%, up from a valuation of $1.1 billion in 2019. Fantasy gaming is an upcoming market in India, riding on the back of the IPL craze among the Indians, though it is expected to run into loss with the IPL suspension in 2021 for an indefinite period. It is still expected to pick up an upward trajectory set to grow to INR 18,700 crore by 2022.