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Ashneer Grover, the CEO of BharatPe, has announced the launch of his latest venture, CrickPe, which aims to become a one-stop-shop for cricket fans in India. CrickPe has raised $20 million in a seed funding round, valuing the company at $100 million and making it Grover’s third unicorn.
The seed funding round was led by Tiger Global Management, with participation from Ribbit Capital, Steadfast Capital, and a group of angel investors. The funds will be used to develop CrickPe’s product offerings, including live streaming, fantasy cricket, and merchandise sales.
CrickPe aims to become the go-to destination for cricket fans in India, offering a range of services and products related to the sport. The platform will feature live streaming of matches, analysis and commentary, fantasy cricket, and an e-commerce store for merchandise.
In a statement, Grover said, “We are thrilled to launch CrickPe, which aims to bring the best of cricket to fans in India. Cricket is not just a sport, it’s a way of life in India, and we believe that CrickPe has the potential to become a major player in the cricket ecosystem.”
Grover’s previous ventures, e-commerce platform Grofers and fintech firm BharatPe, also achieved unicorn status, making him one of the most successful entrepreneurs in India’s startup ecosystem.
The success of CrickPe’s seed funding round is a testament to Grover’s ability to identify and execute on big opportunities. According to reports, Grover’s shareholding in CrickPe is around 20%, making him one of the largest individual shareholders in the company.
The launch of CrickPe comes at a time when the popularity of cricket in India is at an all-time high, with the Indian Premier League (IPL) attracting millions of viewers every year. According to a recent report by KPMG, the sports industry in India is expected to grow at a CAGR of 10.9% over the next five years, driven by the increasing popularity of cricket and the growing demand for sports-related products and services.
CrickPe is well-positioned to capitalize on this growth and become a major player in the cricket ecosystem in India. With its unique product offerings and experienced team, the company has the potential to become a household name among cricket fans in India and beyond.
Speaking about the potential of CrickPe, Grover said, “We believe that there is a huge untapped market for cricket-related products and services in India, and we are confident that CrickPe can fill this gap. Our platform will offer a seamless and immersive cricket experience to fans, whether they are watching a match or playing fantasy cricket.”
CrickPe has already started to attract attention from investors and cricket fans alike. According to reports, the company has already signed sponsorship deals with several cricket teams and players, including the Mumbai Indians and India’s star batsman Rohit Sharma.
The launch of CrickPe also highlights the increasing trend of startups entering India’s sports industry. In recent years, several startups have entered the market, offering services such as sports analytics, online coaching, and merchandise sales.
Commenting on the trend, KPMG’s Head of Sports, Jaideep Ghosh, said, “Sports is becoming an increasingly attractive market for startups in India, as the industry continues to grow and evolve. With the increasing popularity of cricket and the growing demand for sports-related products and services, we can expect to see more startups enter the market in the coming years.”
The success of Grover’s previous ventures, combined with the potential of CrickPe, has made him one of the most prominent entrepreneurs in India’s startup ecosystem. According to reports, Grover is now worth over $500 million, making him one of the wealthiest startup founders in the country.
With its latest funding round, CrickPe is well-positioned to become a major player in India’s sports industry and become Grover’s third successful unicorn. As the company continues to develop its product offerings and expand its reach, it will be interesting to see how it fares in India’s competitive cricket market.
