Fantasy Akhada raises $2M in pre Series A round
Fantasy Akhada, an online fantasy sports platform, announced that it has raised around $2 million in a pre–Series A round via Prime Securities, Team India Managers Limited, and existing investors.
Prime Securities Limited served as the exclusive Investment Banker to this transaction.
The round was led by Prime Securities, Team India Managers Limited, and existing investors including a slew 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 (photographer/producer). Nikunj Doshi (Managing Partner – Bay Capital) also participated in this round in his personal capacity, the company stated.
As per the official statement, Fantasy Akhada plans to use the freshly raised funds to focus on improving its in–house tech capability, be aggressive with its user acquisition, retention strategies, and scaling up the organization.
Founded in January 2020 by Amit Purohit, Fantasy Akhada offers users a platform to play and win exciting contests in fantasy cricket and football. Apart from extending to other sports like kabaddi and basketball, the platform will utilize the fresh capital to improve the prize pool of guaranteed mega contests.
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 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.”
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.”
Fantasy Akhada has emerged as a dominant player in the gaming segment. I’m sure the company will continue to prosper in its journey ahead. My best wishes to the team of Fantasy Akhada.Shishir Gupta, Founder and CEO, StartupLanes
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.
For publishing an advertorial article about your company on our website, drop an email at email@example.com