JetSynthesys sells Bengaluru team for e-cricket league; seven more on the block

MUMBAI: JetSynthesys, a digital gaming and entertainment company, is set to auction seven franchises for the second season of its Global e-Cricket Premier League (GEPL) after having already sold the Bengaluru team to Nikhil Kamath (co-founder, Zerodha), Ankit Nagori (founder, Curefoods), and Prashant Prakash (founding partner, Accel).

GEPL’s inaugural season featured eight teams from Indian and international cities, including Delhi, Mumbai, New York, London, and Dubai. The league, which has quickly gained in popularity among cricket and e-sports fans, will follow a similar structure in its second season as well. “We are planning to launch 8 franchises in Season 2 for which we are targeting select cities, one of them being Bengaluru, and the rest will be revealed soon,” Rajan Navani, CEO and founder of JetSynthesys, told Mint.

Unlike traditional sports leagues that rely on open bidding, GEPL is opting for a more private approach. “The auction will be conducted through private negotiations instead of an open auction format,” Navani explained, signalling that the Pune-based JetSynthesys is seeking investors who can bring long-term value to the league and its franchises.

Discussions are also on with potential franchise buyers. “We are currently in talks with a diverse group of stakeholders, including entrepreneurs, founders, and other industry leaders,” Navani added.

The Indian e-sports industry is expected to grow from $40 million in 2022 to $140 million by 2027, according to the State of India Gaming Report 2022 from AWS and Lumikai. India has a user base of 568 million gamers and over 9.5 billion gaming app downloads in 2023.

A key part of GEPL’s strategy is ensuring that franchises are sustainable and profitable within a reasonable period. “GEPL is built to mirror previous successful traditional sporting leagues. We hope for the franchise to break even within a reasonable timeframe,” Navani said. The league’s revenue model will focus on three main streams—sponsorships, media rights, and ticket sales—which are expected to help franchise owners grow their teams financially while enhancing fan engagement.

Franchise rights to be granted under hybrid term model

Franchise rights will be granted under a hybrid term model, offering a balance between flexibility and sustainability. According to Navani, this approach ensures that owners have long-term security to invest in their teams while allowing for potential adjustments as the league grows.

The first season of GEPL, which was held in June 2023, was a resounding success, both in terms of viewership and player participation. More than 200,000 players registered, with the top 64 competing across eight teams in 56 league matches and four playoff games. The finals, held at Pune’s Balewadi Sports Complex, attracted over 2,000 live attendees. The matches were streamed on JioCinema, generating over 1.1 million minutes of watch time. Overall, the league’s reach exceeded 70 million viewers.

Looking ahead to Season 2, Navani said that player selection is already underway through qualifiers. “The selection process for teams has been updated from last year, introducing a new format that adds a different level of strategy to team building,” he said.

A gamer from the first season noted that the league’s focus on e-sports, coupled with cricket’s global appeal, gives it a unique position in the growing digital sports ecosystem. “For franchise owners, the opportunity to tap into a new generation of digitally savvy cricket fans is significant,” he said.

Navani emphasized that GEPL will offer competitive salaries to top players, helping them turn their passion for gaming into successful careers while competing for the title of ‘e-Cricket Icon’ on the global stage.