i3 Interactive Inc Picks up 51 Percent Stake in Skill Based Fantasy Sports Platform LivePools
A company statement said that the investment will further help accelerate the platform's commitment to grow and provide a holistic experience to its consumer in the current fantasy sports market in India.
Founded in 2017 by brothers, Gaurav and Vickram Assomull, LivePools is a skill based sports predictor platform that allows online gamers earn real cash rewards based on their teams’ on-field performances. The startup claims that it has grown to 1.5 million registered users over the last two years owing to marquee sporting events such as the ICC Cricket World Cup, IPL 2019, and the Ashes.
LivePools intends to leverage upcoming sporting events in 2021 along with extensive investment in product improvements and increased prize pools to extend its reach to over 10 million users by 2022. In a statement, LivePools said, "With industry-leading prize pools, events and other exciting offerings tied to the jammed packed sporting calendar for IPL, India’s T20 Internationals and the Big Bash, along with Kabaddi and Football, including the Indian Super League, LivePools is confident it will exceed its ambitious targets."
LivePools also said that it will continue to increase its engagement and consumer count in the country. It will further roll out additional product offerings and update newer elements in the app and desktop website for better consumer interaction and a smooth user experience.
Commenting on the deal, investment management from i3 Interactive Inc said, "With India being one of largest and fastest growing online gaming markets in the world, we are very excited to partner with LivePools. When looking for an investment, our first priorities are the team and the technology. We found both in spades with Gaurav and Vickram, and the product they have built with LivePools. With a first-class team and an exciting product, we are planning on doubling down on investment to ensure our customers have the premier fantasy gaming experience India has to offer."
According to the Federation of Indian Fantasy Sports (FIFS) and KPMG, gross revenues of online fantasy sports operators stood at Rs 2,400 crore in FY20, compared to Rs 920 crore in FY19 - up almost three times year-on-year. The market for fantasy sports in India has been on a phenomenal growth trajectory for years now.