Mumbai: Sportiqo is India's first blockchain-based fantasy cricket platform that also functions as a stock exchange app. The app allows people to invest in cricket players based on their on-field performances.
On Sportiqo, when a fan's chosen players perform well, they get awarded financial dividends based on their knowledge and analysis of the sport.
Based on a beta launch, Sportiqo already has nearly 55,000 active users and it is forecasted to raise the figure to over five million active users by 2027. They have raised $1.25 million (Rs 10 crore) from angel investors in a pre-seed round, with an emphasis on user acquisition in its initial post-launch phase.
Also, they have recently signed on Robin Uthappa as the brand ambassador and have launched a digital campaign called “Khel On, Trade On”, the first from the month-old organisation. With the IPL season in full swing, they are further investing in digital marketing and have launched a YouTube series with anchor Salil Acharya and Ayaz Memon.
Indiantelevision.com caught up with Sportiqo co-founder & chief product officer Anindya Kar and discussed with him about the significance of this app.
Edited excerpts
On launching Sportiqo and the USP of the application
We launched our operations in India in February. So far, we have nearly 100,000 active users post the beta launch. The unique selling point of Sportiqo is a virtual stock market platform but with cricketers instead of stocks. Sportiqo’s performance ranking algorithm assigns a value to each cricketer’s on-field performance which can then be traded like a stock. This unique gaming platform enables one to pick and choose top players, basis their knowledge and analysis of the sport.
On the technology used in the Sportiqo app?
At Sportiqo we use a combination of Web2 technologies used in financial markets to facilitate fast and secure transactions as well as blockchain-based Web 3 technologies to ensure transparency and trust in the platform. All our player stocks are implemented as ERC-20 tokens on Polygon so that anyone can verify the transactions and see what is going on in the platform.
On the reasons or benefits for people to invest in digital applications
Digital applications offer convenience in terms of access, usage and control. They can be accessed and used from anywhere, anytime with a mobile device or a computer. This makes them very appealing to users who want to save time and effort. Digital applications are constantly evolving and improving, which can drive innovation and creativity in organizations. Investing in digital applications can help organizations stay ahead of the curve and be more competitive in their industry. Overall, investing in digital applications can offer a number of benefits to individuals and organizations, from cost savings and efficiency to scalability, customization and innovation.
On the growth or revenue target for the platform
According to a report by Deloitte, the Indian fantasy sports market is valued at Rs 34,600 crore and is estimated to grow Rs 1,65,000 crore by 2025 at a CAGR of 38 per cent. We aim to raise 8-10 million dollars in the next three-six months. This will help us meet our targets of acquiring one million users and executing trades worth Rs 500 cr by the end of 2024.
On the marketing initiatives for the application during IPL
During the IPL, we have collaborated with Sportskeeda, a global sports content platform. We are doing a series of articles plus infographics which showcases the performance of the players- (top gainer, top loser, among others). We also roped in ace cricketer Robin Uthappa as our brand ambassador. Robin epitomizes the same spirit that drives us to push our boundaries and be the best. Besides this, we have also collaborated with social media influencers and have come out with weekly YouTube shows covering the Sportiqo market featuring Ayaz Memon and Salil Acharya.
On the popularity of stock market investing especially among young professionals
With the rise of investment applications, it has become easier and more convenient for individuals to invest in the stock market. These platforms have made investing more accessible to younger investors, who may not have had access to traditional brokerage firms in the past. Secondly, the internet has made it easier for individuals to access information about the stock market and investment opportunities. Young professionals can research and learn about the stock market on their own. Thirdly, the stock market has historically provided higher returns compared to other investment options like savings accounts or bonds. Young professionals, who have a longer time horizon to invest, may be willing to take on more risk in order to potentially achieve higher returns.
