iWorld
Sportiqo’s performance ranking algorithm assigns a value to each cricketer’s on-field performance which can then be traded like a stock: Sportiqo co-founder Anindya Kar
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.
iWorld
Meta plans 8,000 layoffs in new AI-led restructuring wave
First phase from May 20 may cut 10 per cent workforce amid AI pivot.
MUMBAI: At Meta, the future may be artificial but the cuts are very real. The social media giant is reportedly preparing a fresh round of layoffs, with an initial wave expected to impact around 8,000 employees as it doubles down on its artificial intelligence ambitions. According to a Reuters report, the first phase of job cuts is slated to begin on May 20, targeting roughly 10 per cent of Meta’s global workforce. With nearly 79,000 employees on its rolls as of December 31, the move marks one of the company’s most significant workforce reductions in recent years.
And this may only be the beginning. Sources indicate that additional layoffs are being planned for the second half of the year, although the scale and timing remain fluid, likely to be shaped by how Meta’s AI capabilities evolve in the coming months. Earlier reports had suggested that total cuts in 2026 could reach 20 per cent or more of its workforce.
The restructuring comes as chief executive Mark Zuckerberg continues to steer the company towards an AI-first operating model, committing hundreds of billions of dollars to the transition. Internally, this shift is already visible: teams within Reality Labs have been reorganised, engineers have been moved into a newly formed Applied AI unit, and a Meta Small Business division has been created to align with broader structural changes.
The trend is hardly isolated. Across the tech sector, companies are trimming headcount while investing aggressively in automation. Amazon, for instance, has reportedly cut around 30,000 corporate roles nearly 10 per cent of its white-collar workforce citing efficiency gains driven by AI. Data from Layoffs.fyi shows over 73,000 tech employees have already lost jobs this year, compared with 153,000 in all of 2024.
For Meta, the move echoes its earlier “year of efficiency” in 2022–23, when about 21,000 roles were eliminated amid slowing growth and market pressures. This time, however, the backdrop is different. The company is financially stronger, generating over $200 billion in revenue and $60 billion in profit last year, with shares up 3.68 per cent year-to-date though still below last summer’s peak.
That contrast underlines the shift underway. These layoffs are less about survival and more about reinvention. As Meta restructures itself around AI from autonomous coding agents to advanced machine learning systems, the question is no longer whether the company will change, but how many roles will be left unchanged when it does.
