The germinating grocery of fantasy boasts in India may soon have a brand-new and odd entrant: ShareChat.
The local social networking app, which in August last year raised $ 100 million in a financing round led by Twitter, has developed a fantasy plays app and has been quietly measuring it for six months, two beginnings familiar with the matter told TechCrunch.
ShareChat’s fantasy sports app, called Jeet1 1, countenances potting on cricket and football matches and has already amassed more than 120,000 cross-file customers, the sources said. The app, or its internet site, does not disclose its association with ShareChat.
A ShareChat spokesperson established the existence of the app and said the startup was testing the product.” This is presently at an experimentation stage. Based on the outcome of the experiment, we will decide on the future of the product ,” the spokesperson said.
Jeet1 1 is not available for download on the Google Play Store due to the Android maker’s guidelines on sports fantasy apps, so ShareChat has been dispensing it through Xiaomi’s GetApps app storage and the Jeet1 1 website( which offers the app installation file ), and has been promoting it on Instagram. It is too available as a entanglement app.
Fantasy athletics, a quite popular business in many marketplaces, has gained some resistance in India in recent years. Dream1 1, backed by gaming beings Tencent, claimed to have more than 65 million customers early last year. It has raised about $ 100 million to date and is already quality north of$ 1 billion.
Bangalore-based MPL, which tallies Sequoia Capital India as an investor and has raised more than $ 40 million, commissioned Virat Kohli, the command of the Indian cricket team, as its brand ambassador last year.
In the last two years, scores of startups have developed to grab a slice of the market, and the vast majority of them are focused on cricket. Cricket is the most popular sport in India, just ask Disney’s Hotstar, which claimed to have more than 100 million daily active customers during the cricket season last year.
Or ask Facebook, which unsuccessfully entreat $600 million to secure streaming claims of the IPL cricket tournament. It has since grabbed privileges to some cricket content and constituted the Hotstar chief as its India head.
So it comes as no surprise that countless plays potting apps have signed cricketers as their brand envoy. Hala-Play has roped in Hardik Pandya and Krunal Pandya, while Chennai-based Fantain Sports has appointed Suresh Raina.
But despite the growing popularity of fantasy boasts apps, where consumers pick participates and bet real money on their operations, the niche is still sketchy in numerous marketplaces that consider it betting. In fact, Twitter itself restricts promotion of fantasy athletics assistances in numerous groceries across the world.
In India, too, several states, including Assam, Arunachal Pradesh, Odisha, Sikkim and Telangana, have banned fantasize athletics potting. Jeet1 1 currently requires users to confirm that they don’t live in any of the restricted countries before signing up for the service.
“It doesn’t help interests either that the fantasy athletics business’ aims at legality involve trying to be seen as video games — a cursory glance at a loudspeakers board for any Indian video game developer event is evidence of this — rather than riding on its own qualities, ” said Rishi Alwani, a long-time analyst of Indian gaming market and publisher of information store the Mako Reactor.
An executive who works at one of the top fiction plays startups in India, speaking on the condition of obscurity, said that despite entrust out currency rewards to thousands of users each day, it is still challenging to retain clients after the conclusion of any popular cricket tournament.” And that’s after you have somehow reassured them to visit your website or download the app ,” he said.
For ShareChat, which has been exploring ways to monetize its 60 million-plus consumers and affixed a loss of about $58 million on no receipt in the financial year ending March 31; that’s anything but music to the ears. In recent months, the startup, which helps consumers in more than a dozen regional communications, has been experimenting with ads. ShareChat has raised about $223 million to date.