Gaming Platform BuyStars Raises $5 Million In Funding
BuyStars, a gaming platform, has raised $5 million in a pre-Series A funding round led by Lumikai. The funding round also saw participation from Chiratae and Leo Capital.
As per the startup, the freshly raised funds will be used to launch new games on its platform.
BuyStars | Gaming Platform
Founded by Aman Satija and Sriram Krishnamoothy in 2021, BuyStars offers fantasy games, player trading, and trump cards, among other real-money games. As per the startup, it brings elements of collectibles, trading and gaming together to give the fans an experience which hasn’t been experienced before.
Owned and operated by Arkimy Technologies Private Limited, BuyStars claims to have 1.5 million registered users since its launch about two years ago. In 2022, the gaming platform received seed money from Chiratae’s Sonic programme, where the investment firm backed 19 startups.
Commenting on the development, Salone Sehgal, Founding General Partner of Lumikai, stated Aman and Sriram’s thesis around driving engagement and long-term retention via leveraging collectibles and trading cards for a fantasy-focused audience base is deeply compelling.
Salone highlighted that the global sports collectibles market is valued at $5.4 billion annually, with sports cards trading volume growing at nearly 140% year-on-year.
Including this funding round, BuyStars has raised $9 million through venture capital firms, among others.
As per a report by Lumikai, the gaming industry is expected to reach $8.6 billion in FY27. Banking on the growth of the segment, Ashneer Grover, former co-founder of BharatPe, recently launched a fantasy sports platform CrickPe. Last week, Super Six Sports Gaming (SSSG), the parent company of daily fantasy sports brand Fantasy Akhada, raised $11 Million in a fresh funding round.
In the first week of March, Simple Viral Games (SVG) raised Rs 4 crore (500,000 USD) in a pre-seed round led by WEH Ventures. Also, Kratos Studios, a web3 gaming startup launched by former Nazara Technologies CEO Manish Agarwal and web3 investor Ishank Gupta, raised Rs 160 crore in a seed funding round.
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