Mumbai Angels Network participates in USD 1.1 Million seed round for SaaS based tournament discovery platform EsportsXO

 

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Mumbai Angels Network participates in USD 1.1 Million seed round for SaaS based tournament discovery platform EsportsXO 7th January, 2022: Mumbai Angels Network, a premium platform for early-stage investments has participated in a USD 1.1 Million Seed round for EsportsXO, a SaaS-based tournament platform designed for gaming enthusiasts. This round also saw participation by We Founder Circle, Wami Capital, SucSEED Indovation Fund, FAAD Network, SOSV, and other investors. “EsportsXO’s USP lies is the SaaS tool, built to focus on their product strategy, with other aspects creating a flywheel effect for the platform. This funding is a testament to their growth and progress, and we believe that it will help the platform reach greater heights,” added Nandini Mansinghka, Co-Founder & CEO - Mumbai Angels Network. Mr. Vikas Goel, Founder of EsportsXO, said, “E-sports in India is at the same stage where e-Commerce was 15 years ago; there is an abundance of opportunities for everyone. The market in India and the rest of the APAC region is huge, which gives us enough room for creativity and growth. EsportsXO is committed to blending state-of-the-art technology into the online gaming world to provide users with a one-of-a-kind experience. We are thankful to our investors for joining us in our journey. The latest capital infusion will allow us to expand our team and reach.” On the Investment, Chetan Mehta, CEO of Wami Capital said, “Esports is today one of the fastest-growing segments in the overall global media space. With India’s young demographic profile, access to smartphones and cheap internet, the Indian esports space is going to explode and can become a $10bn market in the coming years. We are confident that the EsportsXO team, with its market positioning and platform approach can add a lot of value to game developers, players, brands and various other stakeholders, not only in India but also globally”. EsportsXO facilitates opportunities for game publishers and brands to launch custom tournaments for users. The brand has developed a strategic plan to build an e-sports metaverse for fans and players and already has over 1.5 lakh registered users. About Mumbai Angels: Started in 2006, Mumbai Angels Network is India's premier platform focused on new venture investing. Mumbai Angels today has a 190+ strong portfolio across sectors and cities across India. Of the overall portfolio the platform has exited / secured the next round of funding for 100+ of them. Today the platform has 650+ investors spread across 60+ Indian & Global cities.