BuyStars, a sports collectibles and skill gaming company founded in 2021, has announced a $5 million pre-series A round led by gaming and interactive-focused VC Fund Lumikai, Chiratae and Leo Capital.
The funding will be allocated towards investing in growth and launching new games on the platform. With the fresh funding, BuyStars has now raised $9 million in total till date.
BuyStars is founded in 2021 by Aman Satija and Sriram Krishnamoorthy.
The company offers multiple skill games like fantasy, player trading, trump cards etc., seamlessly integrated to provide utility to collectibles available on the platform.
“While funding is never a testament to a company's success, however, when experienced investors decide to back a company, it's definitely a great validation of the mission one started with and a tribute to the hard work of a team which came together to build it,’ said Aman Satija, CEO & Co-founder of BuyStars.
Commenting on the investment, Salone Sehgal, Founding General Partner, Lumikai, said, “Globally, the sports collectibles market is valued at $5.4B annually with sports cards trading growing at nearly 140% year-on-year in terms of volume. In India alone, skill-based real money gaming and fantasy sports segment accounted for $1.5B of the $2.6B gaming industry in FY22, growing at a 25% 5-year CAGR.”
Speaking on Leo Capital’s investment, the VC Firm’s partner, Dinesh Singh said, “BuyStars's skill-based approach puts forth a strong alternative to how users engage with fantasy games, and we believe, is poised to redefine the future of this segment. We continue to extend our confidence in BuyStars and its team’s vision, through our participation in the company’s pre-series A round.”
Saketh Katikaneni, AVP of Investments, Chiratae Ventures, commented, “BuyStars plugs holes with their category-creating gaming platform offering multiple inter-connected sports-based games, centered around a market of player cards and game assets. The company is well on its way to disrupt the Sports RMG market which is possibly the largest gaming opportunity in India."