Gaming Startup EsportsXO raises Seed Round of USD 1.1 million from We Founder Circle, Wami Capital, SOSV and Others

Bengaluru, 27th December 2021: We Founder Circle, a founder-backing-founder based early-stage startup investor and Wami Capital participated in Seed round of USD 1.1 million raised by EsportsXO, a SAAS based tournament discovery platform for gaming enthusiasts. The round led by We Founder Circle also witnessed participation from other esteemed investors including – SOSV, Mumbai Angels Network, SucSEED Indovation Fund, The Gaming Lounge and FAAD Network. The Founding team Vikas Goel, Utsav Umang and Rohit Raj had earlier invested 200K USD in their personal capacity to launch the brand before raising this first investor round.

Bengaluru based start-up EsportsXO enables opportunities for game publishers and brands to launch custom tournaments for users. The brand has strategic planning to build an esports met-averse for fans, players and more. The platform has already registered over 150K users in a span of just 90 days and is witnessing a 20% month-on-month growth. XO organised over 250+ tournaments in 8 popular games with over 2 million people participating in the last 1 year.

(L-R) Founding team of EsportsXO_Vikas Goel_ Rohit Raj_Utsav Umang
(L-R) Founding team of EsportsXO_Vikas Goel_ Rohit Raj_Utsav Umang

On the investment Bhawna Bhatnagar, Co-Founder, We Founder Circle said “SAAS industry has been witnessing tremendous growth in India, given the availability of the quality resources, professionals, and a wide user base. EsportsXO has cut a considerable slice in the market in a very short span of time. Given the unique approach the brand is sure to resonate with the audience, expand its footprint and join the top- leagues soon.”

On the Investment, Chetan Mehta, CEO of Wami Capital said “Esports is today one of the fastest growing segments in the overall global media space. With India’s young demographic profile, access to smartphones and affordable internet, the Indian esports space is going to explode and can become a $10bn market in the coming years. We are confident that the EsportsXO team, with their market positioning and platform approach, can add lot of value to game publishers, players, brands and various other stakeholders, not only in India but also globally”

“Esports in India is at the same stage where e-Commerce was 15 years ago, there are a lot of opportunities for everyone. The market in India and the rest of the APAC region is very huge which gives us enough room for creativity and growth”, said Mr. Vikas Goel, Co-Founder, EsportsXO.

On the Investment William Bao Bean, General Partner at SOSV and Managing Director of MOX affirmed “GenZ spends 90% of their entertainment time on digital and esports is the fastest growing segment. We believe EsportsXO is well positioned to be the main driver of esports in the India market and beyond and we look forward to working with the team to unlock this opportunity.”

“EsportsXO’s USP lies is the SaaS tool, built to focus on their product strategy, with other aspects creating a flywheel effect for the platform. This funding is a testament to their growth and progress, and we believe that it will help the platform reach greater heights,” added Nandini Mansinghka, Co-Founder & CEO – Mumbai Angels Network.

Aditya Arora, CEO – Faad Network added, “eSports market in India is still at a nascent stage with just INR 3 billion USD in market share. However, I see this pie increasing massively as more game developers, eSports players and even brands are coming from Tier 3 and Tier 4 markets in India. Platforms like eSports XO are the need of the hour to create a unified platform for everyone to manage, interact and grow. ”

Vineeta Gupta, VP-Investments, SucSEED Indovation Fund said “India is on it’s path of becoming one of the world’s leading markets in the Esports segment and will also emerge as one of the top 5 markets globally in the gaming industry. We like that EsportsXO is capitalising on this opportunity and will soon emerge as a dominant player.”

According to the startup’s roadmap, EsportsXO has planned to invest 40% of the funds into tech and non-tech talent acquisition, while the rest will majorly be directed towards aggressive marketing and operations.

The brand’s USP lies in the SaaS tool that forms the center of EsportsXO strategy, with other aspects around the tool creating a nice flywheel effect for the company, that is simultaneously being translated in the revenue growth.

About EsportsXO

EsportsXO is a tournament discovery platform for gamers and gaming enthusiasts. Platform has selected gaming content creators who enjoy followings and viewership in millions. Started in 2020 with an idea to build the biggest community of console, PC and mobile gamers across the world, who can come together under a single roof.

Started by Vikas Goel, Utsav Umang and Rohit Raj, the platform offers opportunity to game publishers and brands to launch custom tournaments to engage users. EsportsXO will build an esports met-averse of fans & players and offer other micro-services in e-learning, merchandising, NFTs, content and social networking.

About WFC

Established in 2020 in Mumbai, We Founder Circle is a global community of successful founders & strategic angels that have come together to push the startup industry and steer it towards aggressive growth. It invests USD 50K- USD 150 K amount in early-stage startups that are fueled with ambition, sustainability, and strategic approach. WFC provides seed funding, business development, and global networking opportunities to startups as it believes early-stage startups need a lot beyond just financial support to become scalable and stable.

About Wami Capital

Wami Capital is the Single-Family Office headquartered in Dubai, UAE. In addition to managing a global portfolio of different asset classes, it focuses on investing and managing an alternate investment portfolio of venture/start-ups and has a portfolio of close to 50 startups across India, Israel, Middle East and the United States. Wami Capital is bullish on India and has a significant focus on Indian start-ups whereby along with capital, it also provides the relevant mentorship and operational support for global expansion to its portfolio companies.

About Mumbai Angels:

Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 190+ strong portfolio across sectors and cities across India. Of the overall portfolio the platform has exited/ secured the next round of funding for 100+ of them. Today the platform has 650+ investors spread across 40+ Indian & Global cities.

About SucSEED Indovation Fund

SucSEED Indovation Fund is an AIF Cat-1 Venture Capital Angel Fund, focused on investing in Indian Innovation for masses in the following sectors – EdTech, FinTech, Health-tech, Security & RegTech, Enterprise & MSME SaAS and Digital Economy & Emerging Tech. SucSEED Indovation has a Gaming Sub-Fund to have the required focus and support early-stage growth in this space.

About Faad Network

Faad Network is an early-stage investor network handholding startups with access to the right network and capital. Working on a sector agnostic approach, the network has already grown to more than 1000+ investors and 50+ portfolio companies in the last two years.

About The Gaming Lounge

The Gaming Lounge is an early-stage syndicate launched by Eximius Ventures to focus on investments in the Indian gaming industry. The syndicate aims to make 6-8 investments per annum in various sub-segments within gaming such as esports, game development and publishing, and gaming infrastructure. In addition to this, The Gaming Lounge also plans to host events and publish content to further promote the gaming ecosystem in India.

About Neel Achary 19670 Articles
Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.