Fantasy Akhada raises $11M led by Florintree
The startup plans to launch a new brand that focuses on streaming, content, and analytics. Additionally, the company is focused towards building world-class technology products that will drive sports engagement in the country.
Fantasy gaming platform has raised $11 million in a fresh round of funding. The round was led by Florintree Advisors (run by Mathew Cyriac, ex-MD of Blackstone India) with participation from existing investors Mukul Agrawal (Param Capital) and Varalakshmi Enterprises (Family Office of the GMR Group).
With this round, the Gurugram-based startup has so far raised over $20 million in funding.
The company plans to utilise the capital to strengthen its position as one of the best fantasy sports brands in the country. Apart from this, it plans to launch a new brand that focuses on streaming, content, and analytics. Additionally, the company 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, the startup is currently valued at $135 million.
“In January 2023, we achieved operational profitability for the first time and demonstrated a clear path to company-level profitability," said Amit Purohit, Founder and Group CEO, SSSG. The fact that we were able to achieve a big milestone 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.”
“We are excited to onboard a fresh set of investors. Some of our existing investors have also shown their confidence in our vision once again," added Sumit Kumar Jha, Founder and Group COO, SSSG. "We are committed towards increasing sports engagement in the country through technology. We believe that sports consumption in India has massive headroom for growth and we will help accelerate the same. The country, I believe, is at the cusp of a sporting revolution.”
“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 Mathew Cyriac of Florintree Advisors.
He added, “The company has a clear vision to expand beyond gaming and become a force to reckon with in the Sports Tech space.”
Prime Securities was the exclusive Investment Banker for the transaction.
Edited by Megha Reddy