The latest round of funding will primarily be used in enhancing our tech capabilities, driving user acquisition during the most important time of the year
Just a week ahead of IPL 2021, Fantasy Akhada, one of India’s fastest growing Fantasy Sports Platform, has raised Rs. 5 crore equity funding through Prime Securities Limited, an Investment Banking boutique that provides diversified investment banking and corporate advisory services in India. The new financing round was led by investment banker Mr. N Jayakumar, Managing Director of Prime Securities. The new investment brings Fantasy Akhada’s to-date raise closer to the USD 1 million mark.
The Gurgaon-based startup, with a vision of enhancing sports engagement among Indian sports fans, aims to provide the most customer-centric fantasy sports platform in the country. Currently, Fantasy Akhada provides users with a platform to play and win exciting contests in Fantasy Cricket & Fantasy Football. Apart from expanding to newer sports like Kabaddi, Basketball, in the short run, the brand will use the fresh round of funds to enhance the Prize Pool of Guaranteed Mega Contests. The brand aims to make itself the go-to destination for all Fantasy Sports users this IPL and will announce cash prizes to users as part of IPL Leaderboards.
Speaking on the development, Amit Purohit, Founder of Fantasy Akhada said, “The entire team of Fantasy Akhada is super excited to partner with Prime Securities in its journey of making India a nation truly engaged in sports. The latest round of funding will primarily be used in enhancing our tech capabilities, driving user acquisition during the most important time of the year, and investing in areas that ensures 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. 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.”
Source: Business World
