FIFS announces Spice Fantasy as its member in the start-up category

The Federation of Indian Fantasy Sports (FIFS) has announced Spice Fantasy as its member in the start-up category. As a member, Spice Fantasy will adhere to the FIFS charter that lays down the self-regulatory practices for running a fantasy sports platform.

Fantasy sports has seen exponential growth in the last few years and we are entering a market that contributes to the development of the sports ecosystem of the country, Gourav Srivastava, founder and director, GiaTech Solutions Pvt. Ltd., said. “We are looking forward to surging ahead with the support of FIFS,” he added.

Spice Fantasy, by GiaTech Solutions Pvt. Ltd, offers fantasy cricket, football, kabaddi, among other sports. According to the FIFS, the Indian fantasy sports industry is growing at a compound annual growth rate (CAGR) of 32% and by the end of 2024, it can be expected to be worth $3.7 billion. Furthermore, India has emerged to be the biggest fantasy sports market in the world with a user base of over 15 crore.

GiaTech Solutions Pvt. Ltd. is an off-shoot of Mobileoid2 Technologies, which has clients such as Ericsson, Microsoft, Nokia, Etisalat, PWC and IIT Delhi. With their technical expertise, the company claims to have brought in payment solution providers for more secure exchanges.

“I welcome Spice Fantasy to the FIFS family and look forward to their success in the upcoming sporting season,” Joy Bhattacharjya, director-general, FIFS, stated. “At FIFS, we are focused on the principles of self-regulation and working with the industry operators to facilitate development and significant contribution to India’s economic growth,” he highlighted.

Formed in 2017, the Federation of Indian Fantasy Sports (FIFS) is a dedicated fantasy sport self-regulatory industry body established to protect consumer interest and create standardised best practices in the FS industry. FIFS recently revised and strengthened its charter in order to promote innovation with responsible growth for the fantasy sports industry.

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