New Delhi-based fantasy games start-up FanBall XI has raised ₹1 crore in seed funding from US-based venture capital firm Foxhog Ventures Corp.
The firm is looking to invest the amount in the gaming business, mostly focused on fantasy football games, which is becoming the new trend, it said in a statement.
“With the new generation of mobile gamers and game Startups in India, there is a wide scope to invest on such platforms. India has around 365 estimated million gamers among 450 million Smartphone users. The country has a frictionless mobile payment system and is now the second-largest global mobile game market,” Foxhog Ventures Tarun Kumar said.
“The market has transformed so rapidly but income generated in the market is much smaller, but its growing fast as the demand increases,” he added.