Gurgaon-based Fantasy Akhada, an online Fantasy Sports platform, has secured about USD 2 mm in a pre–Series A round through Prime Securities, Team India Managers Limited, and existing investors. Fantasy Akhada will use the funds to focus on enhancing the in–house tech capability, be aggressive with their user acquisition & retention strategies, and for scaling up the organization. Fantasy Akhada is one of the most customer-centric fantasy sports platforms in the country and drives the vision of the company to “enhance sports engagement among sports fans.” Prime Securities Limited was an exclusive Investment Banker to this transaction.
The financing round was led by Prime Securities, Team India Managers Limited, and existing investors which included a group of highly successful professionals, including Jyotivardhan Jaipuria (ex-Bank of America Merrill Lynch), the family of Harsha Bhogle (renowned cricket commentator), Sunil Sood (ex-MD & CEO, Vodafone) and Atul Kasbekar (eminent photographer/producer). Nikunj Doshi (Managing Partner – Bay Capital) also participated in this round in his personal capacity.
Fantasy Akhada has seen phenomenal growth over the last 6 months after their fundraise in the month of April 2021. The user base has doubled over this period to touch almost 6 lakhs and the Annualized Gross Gaming Revenues have seen a 21x growth on the back of intelligent user acquisition and retention techniques. During this period, Fantasy Akhada has also been visible on top sports channels like Star Sports & Sony Sports Network, with properties like the English Premier League and the Indian Women Cricket Team’s tour of Australia.
Mr. Amit Purohit, Founder of Fantasy Akhada, welcomed all the incoming investors and said, “We are absolutely delighted to welcome our new set of investors. Prime Securities has been a true partner for us over the last 6 months and we could have not asked for a better Investment Banker on board in this journey. We will be leveraging this fund raise 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.”
Mr. Nischay Saraf, Senior Vice President, Early-Stage Financing, Prime Securities, delighted with this association, said, “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 US 1 mm 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.”
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