Gaming Startup Fantasy Akhada raises $11M led by Florintree
The parent company of the fantasy sports brand Fantasy Akhada, Super Six Sports Gaming Pvt. Ltd. (SSSG), has raised $11 million (about 90 crores) in a new round of fundraising that was steered by Florintree Advisors.
The financing included participation from current investors Mukul Agrawal (Param Capital) and Varalakshmi Enterprises (the family office of the GMR group), as per reported by LiveMint.
The startup intends to use the additional funding to introduce a new brand that will concentrate on sports streaming, content, and analytics. The money will also be used to develop technology and expand the company.
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“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 Amit Purohit, who is also group chief executive at SSSG.
Founded in 2020 by Amit Purohit, Amit Bhardwaj, Ankit Upreti, Pratik Gosar, Sumit Jha and Sahil Ahuja Fantasy Akhada, India’s fastest-growing Fantasy Platform, backed by the Voice of Cricket – Harsha Bhogle, is an initiative of hard-core sports lovers who understand fantasy sports as a genre and from a consumer point of view.
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“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.”
About Fantasy Akhada
One of the top five fantasy sports websites in India is Fantasy Akhada, which has Harsha Bhogle as its brand ambassador. With a focus on the needs of the client, the brand has quickly advanced from being one of the 200 platforms in the nation to securing a spot in the Top 5 in less than three years. ARR of Rs. 100 Crore in sales and more than 3 million registered users make the brand a powerful force to be reckoned with in the business, with a clear path to profitability.
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