Tuesday, March 5, 2024

Gaming startup Stan secures $2.7 million in Pre-Series A round

New Delhi: Gaming platform Stan has secured $2.7 million in Pre-Series A funding from investors like Aptos Labs, Pix Capital, Maelstrom Fund, GFR Fund, and returning investors like General Catalyst. This follows their $2.5 million seed funding in May 2022, led by General Catalyst with participation from Better Capital and Eximius Ventures.

Founded by Parth Chadha, Bengaluru-based Stan is committed to providing creators with the necessary infrastructure to cultivate gaming communities. The fresh capital will be used to enhance this infrastructure, offering creators advanced tools to develop and monetize their content, including digital collectibles, chat and audio rooms, and exclusive celebrity communities.

The platform also plans to collaborate with prominent gamers and e-sports figures to enrich user experiences. Currently, Stan boasts about 4 million users, with 75% hailing from tier 2 and tier 3 cities.

“The Indian market presents a lot of challenges for creators to monetise their content and we want to tap into the creator supply and help them grow their fanbase and monetize from Day 1,” said Chadha.

Anand Chandrasekaran, partner at General Catalyst, said, “We have been impressed with the company’s progress and are excited to see them continue to support the growing esports ecosystem in India.”

As per a recent EY report, India is the second-largest online gaming market globally with approximately 425 million gamers, trailing only China. The report forecast a rise in the percentage of paying gamers, expected to reach 34% by FY28. Notably, India’s top 10 gaming influencers command a massive following, highlighting the vast potential and dynamic nature of the country’s online gaming sector.

 

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Published: 23 Jan 2024, 04:08 PM IST

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