Ashneer Grover Shuts Down Fantasy Cricket App CrickPe
Ashneer Grover, the co-founder of BharatPe, has pulled the plug on his fantasy cricket platform CrickPe, just a couple of years after its launch. CrickPe, which was the first product of Grover’s startup Third Unicorn, was launched ahead of the start of the Indian Premier League (IPL) in 2023. However, it has stopped rolling out new contests, effectively shutting down the platform.
The news of CrickPe’s shutdown comes as a surprise to many, considering the platform’s potential and the fact that it was launched with much fanfare. CrickPe was touted as a platform that aimed to disrupt the fantasy sports industry, offering a unique and engaging experience to users. However, it seems that the platform failed to gain the traction it needed to sustain itself.
According to reports, CrickPe was facing stiff competition from established players in the market, including Dream11 and My11Circle. The platform’s failure to differentiate itself from its competitors, combined with the high costs of user acquisition and retention, may have contributed to its downfall.
Grover, who is also the co-founder of BharatPe, a fintech startup that offers a range of financial services, including payment processing and lending, had invested heavily in CrickPe. However, it appears that the platform’s performance was not up to par, leading Grover to make the difficult decision to shut it down.
The shutdown of CrickPe is a setback for the fantasy sports industry, which has seen significant growth in recent years. The industry has been growing at a compound annual growth rate (CAGR) of 20-25% over the past few years, with millions of users participating in fantasy sports leagues and contests.
However, the shutdown of CrickPe also highlights the challenges faced by new entrants in the market. The fantasy sports industry is highly competitive, with established players having a significant advantage in terms of brand recognition, user base, and resources.
Grover’s decision to shut down CrickPe may also be seen as a strategic move to focus on his other business ventures. BharatPe, which has received significant funding and has grown rapidly, may be Grover’s primary focus going forward.
In conclusion, the shutdown of CrickPe is a significant setback for the fantasy sports industry, and a reminder of the challenges faced by new entrants in the market. While the platform’s failure to gain traction may be attributed to various factors, the shutdown serves as a reminder of the importance of differentiating oneself from competitors and maintaining a strong user base.
As the fantasy sports industry continues to evolve, it will be interesting to see how other players respond to the shutdown of CrickPe. Will they take cues from Grover’s decision and focus on strengthening their own platforms, or will they try to capitalize on the platform’s shutdown by acquiring its assets?
Only time will tell, but one thing is certain – the fantasy sports industry is here to stay, and players will need to continue to innovate and adapt to remain competitive.
Source: https://inc42.com/buzz/ashneer-grover-pulls-the-plug-on-fantasy-cricket-platform-crickpe/
