Gurgaon-based Fantasy Akhada secured US $2 M in pre-Series A funding round
Fantasy Akhada, a Gurgaon-based online Fantasy Sports platform, has raised USD 2 million in pre-Series A financing led by Prime Securities, Team India Managers Limited, and previous investors.
According to a press statement, the cash will be used to focus on improving in–house tech capabilities, being aggressive with their user acquisition and retention methods and scaling up the company. Fantasy Akhada is a customer-focused fantasy sports platform that helps the firm achieve its goal of “improving sports engagement among sports fans.”
Prime Securities Limited served as the transaction’s only investment banker.
Prime Securities, Team India Managers Limited, and existing investors led the financing round, which included 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 (eminent photographer/producer). In his own capacity, Nikunj Doshi (Managing Partner – Bay Capital) also took part in this round.
Mr. 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 6 months and we could have not 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.”
Mr. Nischay Saraf, Senior Vice President, Early-Stage Financing, Prime Securities, was delighted with this association, he said, “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 US 1 mm 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.”
