Halaplay Raises INR 2.94 Cr from Gaussian, Nazara to Stay Afloat Amidst Postponement of IPL
Bengaluru-based Halaplay Technologies Pvt. Ltd, operator of the daily fantasy sports platform Halaplay, has raised INR 2.94 Cr. (About US$383K) from Delta Corp’s online gaming subsidiary Gaussian Networks (the company that operates Adda52) and Nazara Technologies.
The funding will help the brand stay afloat and mitigate the effect on its fund availability caused by postponement of Indian Premier League (IPL) 2020 and cancellation and postponement of other live sports events.
As per a report in Inc42, Halaplay raised INR 1.19 crores (about US$157K) from Gaussian Networks Private Limited and INR 1.74 crores(about US$230K) from Nazara Technologies Limited.
In this transaction, Halaplay issued 2669 shares to Gaussian Networks and 3892 shares to Nazara Technologies at a price of INR 4395 per share. The face value of each share of Halaplay is INR 100.
Last year, Nazara had pledged to invest up to $20 million in gaming startups and sports ecosystems in the year 2020 in the Indian subcontinent, Africa and Middle-East.
Besides the current transaction, in December 2019, Halaplay raised INR 50 Lakh (about US$66K) from Delta Corp Ltd. in lieu of 1032 shares sold at INR 4744 per share.
Earlier, in March 2019, Halaplay raised INR 40 Crore (about US$5.28 million) in Series A funding from Nazara Technologies and Delta Corp Ltd.. In this deal, Delta Corp also divested its fantasy sports portal LeagueAdda and transferred it to Halaplay.
Halaplay was founded in 2017 by BITS Pilani graduates Swapnil Saurav, Ananya Singhal, Prateek Anand, and Aman Kesari. It offers fantasy sports games for cricket, football and kabaddi, besides others.
While fantasy sports platforms are in need of investments to stay afloat in this dire time, various other online poker, rummy and esports platforms, which are not dependent on live sports games, are, in fact, noticing an increase in their user base in various regions of India, as more and more people are forced to stay at home.
