Fantasy Akhada, which is backed by cricket commentator Harsha Bhogle, has raised Rs 5 crore in funding through Prime Securities and is all set to expand its offering during the Indian Premier League. Prime Securities Managing Director N Jayakumar led the round of investment.
In August 2020, Harsha Bhogle invested a chunk of amount on the product and also came on board as a Brand Ambassador. His popularity has helped the brand gain a firm footing lately, something that will be boosted by the investment from Prime Securities.
“The funds will be used towards tech development, user acquisition and user retention,” Amit Purohit, founder, Fantasy Akhada, said.
While the company is only providing cricket and football at the moment, they are planning to expand this to other sports like kabaddi and basketball.
“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,” N Jayakumar, MD Prime Securities.