[Funding alert] Ahead of IPL, fantasy sports platform Fantasy Akhada raises Rs 5Cr from Prime Securities
Gurugram-based fantasy sports platform Fantasy Akhada on Wednesday said it has raised Rs 5 crore in equity funding through Prime Securities Limited.
With the new investment round, to date, Fantasy Akhada has raised close to $1 million in funding.
Fantasy Akhada’s funding comes right before the 2021 Indian Premier League (IPL) after it was held in the UAE last year due to the coronavirus pandemic. The tournament is scheduled to begin on April 9.
Speaking on the development, Amit Purohit, Founder, Fantasy Akhada, said,
“The latest round of funding will be used in enhancing our tech capabilities, driving user acquisition during the most important time of the year, and investing in areas that ensure we achieve our mission of being the most customer-centric platform in the country. We could not have asked for a more opportune moment to raise our next round, just a week before the IPL."
He added, "The next two years will see a marquee T20 tournament every six months, and we aim to speed up our growth journey, and Prime Securities is the best partner we could have asked for in this phase.”
Launched in January 2020 by Amit Purohit, Fantasy Akhada provides users with a platform to play and win exciting contests in fantasy cricket and football. Besides expanding to other sports like kabaddi, basketball, the platform will use the fresh round of funds to enhance the prize pool of guaranteed mega contests.
The platform aims to be the go-to destination for all fantasy sports users this IPL and will announce cash prizes to users as part of IPL leaderboards.
Commenting on the investment, N Jayakumar, Managing Director, Prime Securities, said,
“Fantasy Akhada’s customer-centricity and focus on the minutest details to enrich customer experience positions the platform perfectly as they enhance their offerings over the immediate future. Having studied several business models in this industry, we believe that merely burning money to acquire customers is not a long-term, sustainable solution for any player in this industry — an ethos that Fantasy Akhada truly embraces. Given the initiatives they are planning, there is a well-defined path to profitability that the company is working towards over the next few quarters.”
Edited by Suman Singh