The local social networking app, which in August last year raised $100 million in a financing round led by Twitter, has developed a fantasy sports app Jeet11 and has been quietly testing it for six months, two sources familiar with the matter told TechCrunch.
ShareChat’s fantasy sports app, called Jeet11, allows betting on cricket and football matches and has already amassed more than 120,000 registered users, the sources said. The app, or its website, does not disclose its association with ShareChat.
Since fantasy gaming apps aren’t allowed on Google Play Store, ShareChat is distributing Jeet11 via the website as Xiaomi’s GetApps app store. The app, or its website, does not disclose its association with ShareChat.
Further, considering the regulations in India, Jeet11 asks its users to confirm that they don’t live in states like Assam, Arunachal Pradesh, Odisha, Sikkim and Telangana, which have banned fantasy sports betting.
In India, too, several states, including Assam, Arunachal Pradesh, Odisha, Sikkim and Telangana, have banned fantasy sports betting. Jeet11 currently requires users to confirm that they don’t live in any of the restricted states before signing up for the service.
A ShareChat spokesperson told Inc42, “This is presently at an experimentation stage. Based on the outcome of the experiment, we will decide on the future of the product.”
The company, with a user base of 60 Mn monthly active users (MAUs) and over 100 Mn app downloads, has been gravitating towards Tier 2 and 3 markets for growth.
The company is said to be ready to join the unicorn club in 2020, however, it has been having a hard time as it puts up a strong front against heavily-funded Chinese competition such as ByteDance’s TikTok and Helo.