When someone mentions “India,” it brings to mind images of bustling streets, flavor-packed, and iconic Bollywood movies. While these stereotypes exist for a reason, the country has a lot more to offer, particularly to foreign investors.
In July 2022, Gia Janashvili, eminent iGaming investor and co-founder of VeliServices, invested in Fan2Play, an Indian online fantasy sports platform. He joins the league of other entrepreneurs who’ve been trying to harness the country’s booming iGaming industry.
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The Indian iGaming Surge
The investment by VeliServices in India creates a win-win situation for both Fan2Play and the Veli Group. The online fantasy sports platform can use the capital to grow the platform and reach more users. However, with 3 million players already registered on the platform, the company is hopeful that his strategic investment will also help attract international gamers.
It’s worth noting that the Indian iGaming industry is worth $930 million despite laws that prohibit gambling in most states. However, businesses in the sector have worked out ways to reach players without the risk of non-compliance. One thing that’s worked in their favor is the ambiguity surrounding the relevance of these laws to iGaming.
The unprecedented growth of India’s iGaming industry can be attributed to the country’s younger population. In fact, nearly 66% of the Indian population is below the age of 35 years. Besides being tech-savvy, youngsters are also more open to trying new products/services, including online casinos and fantasy sports platforms. Also, they have enough spending power to afford such luxuries.
Then there’s the growing internet penetration. Today, the Indian youth in remote and rural areas has access to high-speed internet. It gives them an opportunity to try their hands at different iGaming platforms.
It’s worth noting that iGaming isn’t the only industry in India that’s caught the attention of foreign investors. From manufacturing and real estate to healthcare and communication – a plethora of sectors is attracting foreign investments.
What makes India an excellent investment opportunity are the strong economic fundamentals. To begin with, the country boasts a fast-growing economy and liberal foreign direct investment (FDI) policies. While the COVID-19 pandemic resulted in a slowdown, the Indian economy has exhibited a quick recovery.
The Indian government has actively focused on privatization to attract foreign investors. Also, the deployment of demonetization in 2016 encouraged the widespread use of cashless payments. That, in turn, has made it easier to set up and conduct business in the country.
The Thriving Startup Ecosystem
Indian cities, such as Gurugram and Bangalore, have emerged as hubs of entrepreneurial activity. From fintech to fashion – Indian startups have been taking various sectors by storm with their innovative use of technology.
Besides uplifting the country’s economy, the rise of startups has also helped change the average Indian’s notion of entrepreneurship. Today, more Indians are open to the idea of giving up cushy, high-paying jobs to set up their ventures.
As more people take the plunge and start their entrepreneurial journeys, it’ll help steer the country’s economy to greater heights. That, in turn, will create more opportunities for foreign investors.
Abundance of Resources
As a country, India is home to rich reserves of natural resources, from coal and natural gas to mica and limestone. That makes it an epicenter for industries like manufacturing, construction, and automobile.
Moreover, the enormous young population also makes for skilled human resources. It’s only natural considering that India is home to prestigious educational institutions, such as the Indian Institute of Technology and the Indian Institute of Management.
Besides being well-versed in the latest technologies and business practices, most youngsters in India speak fluent English. Also, India being the hub of outsourcing back-end operations, such as customer support and software development, a majority of the youth is familiar with the intricacies of foreign companies.
That means investors looking to expand operations in India won’t have to worry about hiring employees from overseas. Nor do they have to spend a lot of time training their new recruits.
With a young and fast-growing population, expanding internet penetration, and an abundance of natural resources, India is a land of unlimited opportunities. The recent investment by VeliServices in India is a shining example of how the country is grabbing the attention of foreign investors.
With the economy showing excellent signs of recovery and the startup ecosystem on an upward trajectory, there hasn’t been a better time for investors to pay attention to India.