MAM
The fantasy sports industry is poised to play a huge role in creating highly skilled jobs: My11Circle SVP Saroj Panigrahi
Mumbai: Fantasy cricket app, My11Circle, has launched a campaign featuring the ‘Women in Blue’ titled Lalkaar Ladkiyon Ki dedicated to promoting and building momentum for the Women’s T20 World Cup. Set in the backdrop of prominent women cricketers like Harmanpeet Kaur, Deepti Sharma, and Smriti Mandhana practising & preparing for the tournament, the 45-second video narrates how these women have shown resilience and grit to leave a mark in the field of cricket. My11Circle is also the proud official sponsor of Women’s T20 Challenge 2022 – a tournament to showcase women’s representation in the largest cricket league in the world.
On the sidelines of the digital campaign launch, My11Circle senior vice-president Saroj Panigrahi spoke to Indiantelevision.com about the importance of this sponsorship that goes beyond being just sponsors, towards bringing gender neutrality to the world of sports, especially cricket.
India is the biggest market for fantasy sports globally, with more than 130 million users playing across over 200 platforms. Launched in 2019, the My11Circle platform has created a distinct spot for itself witnessing a 100 per cent growth in user base last year. The brand was also the official title sponsor of Lucknow Super Giants during this season’s IPL. However, it hasn’t been a cake walk for the fantasy sports platform which had to go through its fair share of trials during the pandemic with live sports coming to a halt. Panigrahi also shared inputs on the future of online skill gaming in India and the roadmap ahead for the brand.
Edited excerpts:
On the objective behind sponsoring the Women’s T20 Challenge 2022
Cricket has always been a strategic investment for us. As an organisation, we strongly believe in gender parity. Our title sponsorship of the Women’s T20 Challenge 2022 was not only a great opportunity to demonstrate that belief, but also the perfect stage to associate with the finest batters, bowlers and fielders in the cricket world. We have consistently been striving to encourage women’s participation in games and sports that have traditionally been dominated by men, as we acknowledge the dedication and quality they bring to sports.
This partnership has strengthened our connection with millions of cricket fans throughout India, and will inspire more women to take up the sport. It has also certainly helped us in generating more visibility for the My11Circle brand.
On the recent spurt in growth in the online gaming industry
As per industry reports, the Indian gaming industry is currently pegged at $2.2 billion and expected to be a $7 billion industry by 2027. Live interaction, end-to-end encryption, payment gateways, freemium formats, hyper-personalised experiences, and other features have made the gaming environment safer and more entertaining for players. Mobile phone-based gaming applications continue to dominate the market, accounting for 86 per cent of all gaming experiences.
We are a technology company with a passion for gaming. We specialise in artificial intelligence and behavioural science. From pioneering the first online monetised skill gaming platform in India to becoming the most valued multi-gaming unicorn with over 100 million users, Games24x7 has witnessed tremendous growth in the last few years. Our fantasy platform My11Circle is India’s fastest growing fantasy sports platform, and we witnessed a 100 per cent increase in our user base last year.
On overcoming the impact of the pandemic on the company’s business
Just as the Covid pandemic wreaked havoc on every industry, the fantasy sports business also took a hit. As a platform, we are completely dependent on live sports, which came to an indefinite halt during the lockdown. However, things started to pick up after the restrictions were lifted. Our fantasy platform, My11Circle saw a 100 percent increase in its user base last year, and recorded stellar growth of over 30 per cent during this year’s IPL season.
On the industry trends you see emerging in the near future
Cricket is an important part of India’s cultural fabric and people’s interest in cricket directly translates into their interest in fantasy cricket. By associating with tournaments like the Women’s T20 Challenge, we have seen a huge growth in female user engagement on our app. We aim to maximise women’s participation in competitions that will promote the growth of sports in India by bringing to the fore new skills, talents, perspectives, standards, and idols. This will also impact women’s digital engagement patterns and the way they participate in fantasy sports.
On My11Circle’s association with the Lucknow Super Giants during this IPL
My11Circle is the official title sponsor of Lucknow Super Giants, and the brand enjoys a position of prominence on the team’s jersey. India’s central region did not have an IPL team until 2021, so it was a great opportunity for us to associate with Lucknow Super Giants. Since our fan base is spread across different regions, we have witnessed an amazing response. There has been strong support for the team from users which has been reflected in their engagement on our platform.
Our association with the Lucknow Super Giants has played a key role in the expansion of our user base. While the team was a new entrant to the fray, their performances were nothing short of remarkable. The brand of cricket that LSG played, and their involvement till the final stages of the tournament piqued the fans’ interest, and gave us exceptional visibility, translating into many new users joining our platform.
On the future of fantasy sports and online skill gaming in India
Owing to the increasing internet penetration, we see a lot of opportunities for user expansion in the coming years. If we look at data, mobile gaming is poised to surpass $136 billion in 2022. Technology will help us diversify narratives, create immersive storylines, and build more realistic gaming experiences for our players.
The fantasy sports industry is poised to play a huge role in creating highly skilled jobs, generating revenue, attracting FDI, propagating sporting culture, and contributing to India’s socioeconomic status. As a sport of national value, cricket garners a lot of buzz in the fantasy ecosystem. However, in the coming years, other sports like kabaddi, football and hockey will be gaining traction in the fantasy space. The ever-growing fan base of fantasy sports is further redefining the love for gaming as a mainstream recreational activity.
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Starting a business is one of the most financially demanding transitions a person can make. In the early months, expenses are immediate and often unpredictable, while revenue streams may take time to stabilise. For first-time entrepreneurs, securing small business loans can feel like a paradox: lenders expect a clean financial track-record before approving a loan, but the business cannot establish that track record without funding. Understanding the start-up lending environment in India and knowing the realistic funding options make this process far less daunting, allowing entrepreneurs to plan strategically.
Why Traditional Business Loans Are Harder for Start-ups
Most financial institutions require a minimum business vintage of 2 to 3 years before approving a term loan. This is because the first two years of operations carry the highest risk of failure. For start-ups less than 12 months old, traditional loan options are limited, and lenders often ask for substantial collateral to mitigate risk.
The vintage requirement is not arbitrary. Businesses that have survived their first two operating cycles demonstrate market viability, which significantly lowers the lender’s risk. Until this milestone is reached, entrepreneurs often rely on bootstrapping, personal savings, or alternative financing to build a stable business foundation. Understanding this reality helps first-time entrepreneurs set practical expectations when seeking funding.
Government-Linked Schemes for Startups
India offers several government-backed schemes to support first-time entrepreneurs. One such scheme is the Pradhan Mantri Mudra Yojana (PMMY), which provides collateral-free loans for micro and small enterprises in three categories:
● Shishu: up to Rs. 50,000
● Kishore: Rs. 50,000 to Rs. 5 lakh
● Tarun: Rs. 5 lakh to Rs. 10 lakh
These loans are available through eligible lending institutions, making them suitable for early-stage businesses. For first-time entrepreneurs, a Mudra loan not only provides initial working capital but also helps establish a credit history. Repaying a Mudra loan on time strengthens the entrepreneur’s profile and increases the chances of securing larger loans in the future.
Using Personal Loans to Fund Early-Stage Needs
When business loan eligibility is not yet established, a personal loan can serve as bridge funding. These loans are assessed on the individual’s credit profile and income rather than the business’s financial history, making them accessible to salaried individuals or those with a strong personal credit record.
Personal loans have limitations: the loan amount is capped based on personal income, and the interest rate is typically higher than secured business loans. Nevertheless, taking out a personal loan during the first 12 to 18 months can provide crucial support as the start-up builds its financial profile. It is especially useful for covering immediate expenses such as inventory, marketing, or office setup costs.
Alternative Financing Options for Startups
For start-ups that are not yet eligible for traditional business loans, other financing options are available through financial institutions. Many lenders offer startup-focused or small-business loans designed for early-stage businesses. These loans evaluate the entrepreneur’s personal credit profile, business plan, and projected revenue rather than relying solely on business vintage. Financial institutions such as Tata Capital provide these loans with minimal documentation and fast disbursal, enabling entrepreneurs to manage operational expenses, purchase equipment, or fund early growth initiatives without pledging collateral.
Some lenders also offer flexible loan amounts, quicker approvals, and streamlined processes, making them well-suited for first-time entrepreneurs. Exploring these options early allows start-ups to access working capital while gradually building a credit history that will support larger loans in the future.
Building the Right Financial Profile Before Applying
For entrepreneurs planning to apply for a business loan in 12 to 18 months, the preparation period is critical. Key steps include:
● Filing Income Tax Returns (ITRs) consistently and accurately from the first year
● Maintaining a clean current account with regular deposits and no overdraft patterns
● Keeping the promoter’s CIBIL score above 750
Lenders assess start-ups by examining these signals. Entrepreneurs who maintain financial discipline from the start will have stronger loan applications after two years. Additionally, tracking cash flow and avoiding irregular withdrawals can further enhance the business’s credibility.
Collateral-Based Options for Larger Requirements
Startups requiring larger amounts beyond government schemes can consider loans against property. These loans allow entrepreneurs to access larger amounts of funding at lower interest rates, as the property secures the lender’s risk.
This option carries significant risk: using personal or family assets as collateral can result in a loss if the business does not perform as expected. Such loans should be considered only when the business plan is validated, the entrepreneur has clear cash flow projections, and the repayment strategy is realistic. Careful assessment of risk versus reward is essential before pledging assets.
Practical Steps to Strengthen Your Loan Application
To maximise the chances of approval, entrepreneurs should:
● Maintain accurate financial statements, bank records, and GST returns.
● Avoid over-borrowing; apply for realistic amounts that match business needs.
● Keep personal and business credit profiles in good standing.
● Explore lenders that offer startup-friendly products.
● Be transparent and complete in all documentation.
Taking these steps early ensures a smoother and faster loan process when the business is ready for formal financing. A well-prepared application reduces processing delays and demonstrates professionalism to the lender.
Conclusion
First-time entrepreneurs often face a funding gap in the early stages, but it is usually smaller than it appears. Maintaining clean banking records, filing ITRs consistently, and exploring personal loans, government schemes, and alternative financing options help build a strong financial profile. Entrepreneurs who plan systematically from day one are better positioned to access formal credit sooner, giving their start-ups financial stability through small business loans.
The ideal time to start building a credit-worthy business profile is the very first month of operations, not when applying for a loan. By understanding available funding options and acting proactively, first-time entrepreneurs can confidently apply for a business loan and set their businesses on a path to long-term growth.
