The rapid growth of fantasy gaming in India has attracted many investors, all vying for a piece of the pie. The latest entrant in the list may be Twitter-backed ShareChat.
According to reports, social networking app ShareChat has been quietly testing its fantasy sports app, Jeet11. The Bangalore-based company had raised $100 million in Series D funding round in August 2019, of which a large chunk came from Twitter.
The app currently boasts fantasy sports like cricket and football, with plans to expand the portfolio of sports soon.
Although the app is still at an experimentation stage and currently unavailable on the Google Play Store due to the guidelines on sports fantasy apps, Jeet11 has successfully registered 120,000 users on its platform. It has used Xiaomi’s GetApps app store and actively promoted on Instagram to market the product.
Even though there is no official statement by ShareChat on Jeet 11 being its project, the Terms & Conditions of the app confirm that it is owned by Mohalla Tech Private Limited, who also run ShareChat.
ShareChat’s potential entry to the fantasy gaming industry might come as a surprise to many but India has witnessed an exponential growth of fantasy platforms, rising from 10 in 2016 to 150 operators currently in the market. It is led by Dream11, which is valued at upwards of USD 2 billion.
According to ShareChat CEO Ankush Sachdeva, Sharechat currently has 60 million monthly active users and offers content in 15 vernacular languages for subscribers to consume on the app.
Jeet 11, on the lines of ShareChat, will also be available in vernacular languages and is under the legal guidelines of the Supreme Court that classifies it as a skill-based game.
With the Indian Premier League (IPL) around the corner, Jeet11 up against the likes of Dream11, MPL, and MyTeam11 for a share of the competitive space.