Twitter-backed ShareChat eyes Fantasy Sports in India

  • The Twitter-backed ShareChat has been testing its fantasy sports app, Jeet11, for months.
  • It allows betting on cricket and football matches and has 120,000 users.
  • Jeet11 isn’t available only on Xiaomi’s Get Apps app store.
ShareChat eyes Fantasy Sports in India
https://www.flickr.com/photos/arlecoproducciones/

The ever-evolving market of fantasy sports in India is going to have a new contender, Twitter-backed ShareChat 

The social networking app, raised around $100 million in a funding round in August last year. Now, it has made a fantasy sports app which it has been testing for over six months.  

The fantasy sports app of Sharechat is called Jeet11. It allows betting on the cricket and football matches and has already obtained 120,000 users. However, the fantasy app hasn’t shown an association with Sharechat 

A spokesperson from ShareChat said that the app was in the formation process. “Currently, the app is in the testing phase. We will decide the future of the product, according to the outcome of our tests.” 

Currently, Jeet11 isn’t present on the Google Play Store. However, the company has been distributing it through Xiaomi’s GetApps app store and its website. Moreover, the company has been promoting it on Instagram, and it is also available as a web app.  

Fantasy sports is a popular business in several markets. Another fantasy sports app, Dream 11, had over 65 million active users last year. It has raised over $100 million till today and has been valued around $1 billion. Moreover, Bangalore-based MPL raised over $40 million recently. Furthermore, it appointed Virat Kohli, the Indian team’s captain, as its ambassador.   

Dream 11 fantasy cricket
https://www.flickr.com/photos/144012810@N08/

During the previous two years, several startups have emerged on the scene whose primary focus is cricket. Cricket is the most popular sport in India. Disney’s Hotstar recently had 100 million active users during the last year’s cricket season. Moreover, Facebook bid $600 million to get the full streaming rights of the IPL cricket tournament.  

However, despite the growing popularity of fantasy sports, its performance is sketchy in several markets. Moreover, Twitter has restricted fantasy sports services in several markets. Moreover, in India, several states, like Telangana, Sikkim, Odisha, Assam, and Pradesh, have banned betting on fantasy sports. In Jeet11, users need to confirm that they don’t live in any of the banned states.  

An executive from one of the top fantasy sports startups in India stated that, even after giving cash to thousands of users every day, it’s still quite challenging to retain customers after any popular cricket tournament. “This is after you have convinced them to download your app.” 

Meanwhile, the Twitter-backed Sharechat has been trying to monetize its 60 million-plus users. The company posted a loss of $58 million last year. Moreover, the company has been experimenting with ads recently. ShareChat has raised over $223 million until today.  

 

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