Fantasy sports operator Fantasy Akhada plans to raise $5 million in Series A funding

Online fantasy sports is one of the fastest growing markets in India considering the sheer number of sports fans and enthusiasts residing in the country. The last few years saw the boost in the number of users in fantasy sports that propelled all the stakeholders to bolster their online fantasy sports options and offerings. Fantasy sports platform Fantasy Akhada, Cricket commentator Harsha Bhogle-backed fantasy gaming platform, is in talks to raise $5 million (about Rs 36.5 crore) in a Series A spherical according to an Economic Times report.

“We have raised $1 million and have a good customer base. Now, to fuel our growth, we will require a big funding round. We are out in the market for a Series A round and have given the mandate to Prime Securities,” founder Amit Purohit as reported by Economic Times.

"One of Fantasy Akhada now has 500,000 month-to-month energetic customers and 30% of them are taking part in it with cash, Purohit stated."

With the IPL being scheduled twice within a seven-month span, the late entrants into India’s fast-growing fantasy gaming sector, Fantasy Akhada’s user base has doubled over this period to touch almost six lakh and the annualised gross gaming revenues have seen a 21x growth. During this period, the startup has also been visible on top sports channels like Star Sports and Sony Sports Network, with properties like the English Premier League and the Indian Women Cricket Team’s tour of Australia. The focus, however, will soon shift towards the remainder of the IPL. Purohit is optimistic about the growth of the enterprise with the revival of cricket all around the world.

“We can’t match our competitors in cash burn, and that’s not our philosophy. We have a strong eye on profitability and we are constantly improving our tech,” he stated.

Fantasy Akhada is eying upon its potential Indian markets in the states of UP, Bihar, Rajasthan and Gujarat. The company started with the activities built around cricket and football but are looking to expand their horizons with the inclusion of other sports like kabaddi, basketball and baseball to its portfolio.