Mumbai: Sportiqo, a blockchain-based fantasy cricket platform that was launched in India in February 2023, with a unique choice for users to invest or trade in players, just like stocks saw exceptional revenue growth with an increase in the user base and influx of transactions during the Indian Premier League (IPL) 2023.
The IPL 2023 season was a turning point for the company, as it witnessed a whopping four-fold increase in its user base. This surge in popularity translated into a gross trading volume of Rs 18 crores, with an average of over 10,000 transactions per day.
During the course of the 2023 IPL, Sportiqo also announced the launch of its exciting new digital campaign featuring renowned cricketer Robin Uthappa. The company has also partnered with over 75 creators across various genres which aided Sportiqo to generate substantial buzz about its platform among its target audience. This collaborative effort helped increase brand awareness and garner a larger user base, contributing significantly to the overall revenue growth.
Capitalising on the massive popularity of the IPL, Sportiqo planned various initiatives to attract and retain more users. Throughout the tournament, the brand introduced exciting promotional campaigns, such as the super trader contest and the consistent trader bonus to motivate users to return to the application and trade regularly. In addition, Sportiqo’s AI-powered pricing and trading algorithms led to exciting gameplay and high user engagement during live IPL matches.
Looking beyond the IPL, Sportiqo’s daily active user count on the app has reduced slightly after the tournament. However, it remains significantly higher than the pre-IPL period. The success and growth witnessed during the IPL have undoubtedly expanded Sportiqo's user base and positioned the company as a leading player in the virtual stock market space.
“I am happy that our revenue and user base has grown. These pillars stand as a testament to our commitment to creating value and revolutionising the way people stay connected with our application. I am sure that going forward, our numbers will only grow from here,” said Sportiqo chief product officer and co-founder Anindya Kar.
Sportiqo marked the beginning of its operations in India in the month of February and has amassed 150,000 active users following its beta launch. The company has raised $1.25 million (Rs 10 crores) in the seed round from angel investors with a focus on product development user acquisition in its first phase post-launch. The cricket stock market has already covered the International League T20 (ILT20), Pakistan Super League (PSL) and Indian Premier League (IPL).
