Florintree Advisors has led a new $11M round of funding for Fantasy Akhada, a fantasy sports startup.
Existing investors, including Param Capital’s Mukul Angrawal and Varalakshmi Entrepreneurs, the family office of GMR Group, also participated in the funding round.
The startup plans to utilize the funding to strengthen its position as one of the best fantasy sports brands in the country. Besides, it plans to launch a new brand that focuses on streaming, content, and analytics.
Founded in 2020 by Amit Purohit, the Gurugram-based startup offers fantasy cricket, fantasy football, fantasy kabaddi, fantasy basketball, and fantasy hockey. It is backed by commentator Harsha Bhogle who joined the platform in 2020 as an investor and ambassador.
Fantasy Akhada has raised $20M in funding till now; it claims to be valued at $135M.
“In January 2023, we achieved operational profitability for the first time and demonstrated a clear path to company-level profitability. The fact that we were able to achieve a big milestone in that journey in January has given us a lot of confidence that we can deliver more brands that will enhance the sporting culture in India. This fundraiser will help us achieve the current business plan,” Amit Purohit, founder and group CEO of SSSG said.
Fantasy Akhada is competing against Dream11, Khelo Fantasy, and others. The market is also seeing new players enter the game. Recently, Deepakchahar, an Indian cricketer, announced the launch of his fantasy gaming platform Trading Fantasy Game (TFG).
BharatPe’s former cofounder and MD Ashneer Grr is also entering the fantasy sports arena through his latest venture Third Unicorn. He has filed a trademark application to trademark a fantasy cricket platform called CrickPe.
According to a report from the Federation of Indian Fantasy Sports, in collaboration with Deloitte (FIFS), India’s fantasy market is expected to grow at a 38% CAGR.
India’s sports ecosystem continues to grow at a record pace.
