Fantasy sports platform Fantasy Akhada has raised $11 million in a new funding round led by Florintree Advisors, with participation from existing investors Mukul Agrawal (Param Capital) and Varalakshmi Enterprises (Family Office of the GMR Group).
The fantasy sports startup plans to use the raised capital to strengthen its position as a top fantasy sports brand in the country by introducing a new brand that emphasizes streaming, content, and analytics. Additionally, It is focused towards building world-class technology products that will drive sports engagement in the country.
Founded in 2020 by Amit Purohit, Amit Bhardwaj, Ankit Upreti, Pratik Gosar, Sumit Jha, and Sahil Ahuja, Fantasy Akhada enables users to make virtual teams of real professional sports players.
The platform also offers users fantasy gaming experiences in other sports, such as football and kabaddi.
“In January 2023, we achieved operational profitability for the first time and demonstrated a clear path to company-level profitability. The fact that we were able to achieve a big milestone in that journey in January has given us a lot of confidence that we can deliver more brands that will enhance the sporting culture in India. This fundraise will help us achieve the current business plan,” said Purohit, who is also group chief executive at SSSG.
“There is a digital revolution that we are witnessing in India with one billion smartphones in the hands of people. Technology would be the key driver in making India, a truly multi-sport nation,” said Cyriac of Florintree. “The company has a clear vision to expand beyond gaming and become a force to reckon within the sports tech space.”
Apart from Fantasy Akhada, Dream11, MPL, Halaplay, Crickplay, and Zapak also operates in the fantasy gaming space.
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