● What is in the news ?
▪︎Bengaluru-based fantasy gaming startup HalaPlay has raised Rs 9 crore in a recent funding round from Milan Ganatra Ventures. With this funding, founder and former CEO of Miles Software, Milan Ganatra marks his entry into India’s booming online gaming ecosystem.
▪︎Prior to this, HalaPlay raised two rounds of funding in an undisclosed seed round in November 2017 and Rs 40 crore Series A round in December 2018.
● Other information
▪︎Milan began his entrepreneurial journey with Miles Software in 1998 and nearly two decades later sold it to Ebix Cash in 2018. Post his exit from the company, Milan has been exploring the fintech sector. He has recently launched a fintech startup 1Silver Bullet with an initial investment of $1 million (about Rs 7.2 crore).
▪︎Additionally, he has set up an investment analytics platform named Finalyca with a funding of $200K, which is a joint venture with portfolio management services firm PMS Bazaar.
The online gaming industry is expected to grow at a compound annual growth rate (CAGR) of 40 percent to $2.8 billion by 2022, up from $1.1 billion in 2019, according to a Deloitte India report released in January 2021.