29.September.2021 – Fantasy Akhada, a Gurugram, India-headquartered, online fantasy sports platform announced that it raised USD 2 Million pre-Series A round. This round was led by Team India Managers Limited, Prime Securities and other existing investors.
The role of an Investment banker was exclusively played by Prime Securities Limited. The other participants of the round, also the existing investors in the round were – the family of Harsha Bhogle (renowned cricket commentator), Sunil Sood (ex-MD & CEO, Vodafone), Atul Kasbekar (photographer/producer), Nikunj Doshi (Managing Partner – Bay Capital), Jyotivardhan Jaipuria (ex-Bank of America Merrill Lynch), the company stated.
As officially stated, Fantasy Akahada will utilize the funding to enhance its tech capabilities, be aggressive with its retention strategies, user acquisition and scaling the organisation.
Words from the investors –
Nischay Saraf, Senior Vice President, Early-Stage Financing, Prime Securities, added, “At Prime, we like to identify high growth potential early-stage companies and partner with them. Fantasy Akhada has been one such example, where we had recently raised about $1 million in April 2021. The operational metrics have outperformed even the best-case scenarios of the management team, accelerating the estimates by 18 months. This phenomenal growth has led to the current round in a matter of six months backed by Prime’s network of HNIs and family offices. Given the understanding of the user life cycle and user experience that the team has, we are certain that they will be able to carve out a clear niche for themselves in this rapidly developing ecosystem.”
About Fantasy Akhada –
Fantasy Akhada was conceived in 2020 by Amit Purohit. Its fantasy gaming platform provides a service to play and win exciting contests in fantasy football and cricket. Besides expanding to other sports like basketball and kabadi, the platform will utilize the fresh round of funding to enhance the prize pool of guaranteed mega contests.
Fantasy Akhada states that it has seen exponential growth over the last six months after its fund raise in the month of April 2021. Its user base has doubled in this span of six months to touch almost six lakh and the annualised gross gaming revenues have witnessed a 21x growth. During this period, the startup has also been visible on top sports channels like Star Sports and Sony Sports Network, with properties like the English Premier League and the Indian Women Cricket Team’s tour of Australia.
“We are absolutely delighted to welcome our new set of investors. Prime Securities has been a true partner for us over the last six months and we could not have asked for a better investment banker on board in this journey.”
“We will be leveraging this fundraise to drive our vision of enhancing sports engagement in sports fans and the entire team is absolutely kicked about this development, at the most opportune moment, just before the heavy-duty T20 cricket season.”
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