Gaming firm BuyStars raises $5M from Lumikai, Chiratae

BuyStars, a gaming platform, has secured $5 million in a pre-Series A fundraising round that was spearheaded by Lumikai. Leo Capital and Chiratae were two additional investors who took part in the round. According to the business, it will use the extra capital to provide new games to its platform.

Aman Sathija, a former executive of Junglee Games, and Sriram Krishnamoothy, a former executive of Flipkart, founded BuyStars in 2021. BuyStars provides fantasy games, player trading, and trump cards among other real-money games.

"Aman and Sriram’s thesis around driving engagement and long-term retention via leveraging collectibles and trading cards for a fantasy-focused audience base is deeply compelling," said Salone Sehgal, Founding General Partner of Lumikai.

BuyStars has so far raised $9 million from venture capital companies and other means. Aman Satija, Chief Executive Officer (CEO) and Co-Founder of BuyStars, stated in a statement, "BuyStars was created with an aim to change how cricket fans engage with games today.

Since the company's start around two years ago, 1.5 million users are said to have joined. Chiratae's Sonic initiative, where the investment company funded 19 entrepreneurs, provided it with seed funding in 2022. The value of the global market for sports collectibles, according to Sehgal, is $5.4 billion yearly, with the volume of trading in sports cards increasing by around 140% annually.