Canadian online and mobile gaming firm i3 Interactive Inc has acquired a 51 per cent stake in Indian fantasy sports startup LivePools for a reported sum of USD 7.5 million.
Following the deal, the Canada-based firm has rebranded the newly-acquired LivePools to BLITZPOOLS.
"We are excited to welcome i3 Interactive Inc onboard to help strengthen our position in the Indian market through their deep knowledge of engaging and interacting with sports fans worldwide,” Vickram and Gaurav Assomull, founders of LivePools, said.
Launched in 2018, LivePools is headquartered in Mumbai and claims to have a user base of around 1.5 million.
The fantasy sports firm plans to extend its reach to over 10 million users by 2022 on the back of a sports heavy year of 2021, which includes the Indian Premier League (IPL), World Test Championship and the T20 World Cup. It will also invest extensively in product improvements and increased prize pools for its customers.
The new investor i3 Interactive Inc believes in the potential of the Indian gaming industry, which has shown accelerated growth in recent years.
"With India being one of the largest and fastest-growing online gaming markets in the world, we are very excited to partner with LivePools,” the management from i3 Interactive said.
“When looking for an investment, our first priorities are the team and the technology. With a first-class team and an exciting product, we are planning on doubling down the investment to ensure our customers have the premier fantasy gaming experience India has to offer.”
The Indian fantasy gaming industry has witnessed an accelerated boost in the last three years, especially in the pandemic. Both old players and new entrants have registered big numbers and look set for further rise.
“The changing face of the Indian economy indicates favourable conditions for the rapid expansion of the fantasy gaming sector. We personally think that we have just scratched the surface and we are at the cusp of unlocking newer avenues to expand our presence in the skill-based fantasy sports sector,” reckon the Assomull brother.
LivePools currently offers fantasy cricket, fantasy football and quiz on its platform. 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.