Affected by the ongoing Coronavirus pandemic, several fantasy sports companies in India have landed in financial stress and are actually in need of funding to stay afloat in these tough times.
Bengaluru-based fantasy sports portal, HalaPlay has reportedly raised INR 2.94 Crores from Delta Corp’s Gaussian Networks (the parent company of Adda52) and Nazara Technologies. The company will use the funds to keep floating in the wake of the financial stress caused by the cancelation or postponement of major sporting events in the world, including Indian Premier League (IPL) 2020.
Founded back in 2017 by Swapnil Saurav, Prateek Anand, Ananya Singhal and Aman Kesari, HalaPlay is an online fantasy sports platform catering mainly to Cricket, Football and Kabaddi fans. The platform allows its users to create teams of their choice, enter leagues and win big prizes.
Talking about Gaussian Networks, it is a subsidiary of Delta Corp that operates India’s no. 1 poker site – Adda52. According to the reports, HalaPlay has raised INR 1.19 Crores from Gaussian Networks that has received 2,669 shares of the company in exchange. A whopping INR 1.74 Crores from has been raised from Nazara Technologies Limited that has been issued 3,892 shares. The price per share for this deal stood at INR 4,395 with a price of just INR 100 per share.