The startup plans to utilise the funding to strengthen its position in the competitive fantasy gaming industry
Besides, it plans to launch a new brand that focuses on streaming, content and analytics
The startup has raised $2O Mn funding till now
Fantasy sports startup Fantasy Akhada’s parent company Super Six Sports Gaming (SSSG) has raised $11 Mn in a fresh funding round led by Florintree Advisors.
The funding round also saw participation from existing investors including Param Capital’s Mukul Agrawal and Varalakshmi Enterprises, family office of the GMR Group.
The startup plans to utilise 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 $2O Mn funding till now; it claims to be valued at $135 Mn.
“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 fundraise will help us achieve the current business plan,” Amit Purohit, founder and group CEO of SSSG said.
Fantasy Akhada competes against the likes of Khelo Fantasy, Dream11 among others, while the market is seeing entry of new players as well.Recently, Indian cricketer Deepak Chahar announced the launch of his fantasy gaming platform Trade Fantasy Game (TFG).
Moreover, BharatPe’s ousted cofounder and MD Ashneer Grover is also venturing into the fantasy sports arena with his latest venture Third Unicorn, having filed a trademark application for a fantasy cricket platform called CrickPe.
According to a report by the Federation of Indian Fantasy Sports (FIFS), in collaboration with Deloitte, India’s fantasy sports market is projected to reach a size of INR 1,65,000 Cr by FY25 from INR 34,600 Cr in FY21, expanding at a CAGR of 38%.
