Fantasy Akhada Raises $11 Million Funding From Florintree
The company plans to utilize the funding to strengthen their position as one of the best fantasy sports brands in the country
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Super Six Sports Gaming Pvt. Ltd. (SSSG), the parent company of daily fantasy sports brand Fantasy Akhada, has raised $11 million in a fresh round of funding. The round was led by Florintree Advisors (run by Mathew Cyriac, ex-MD of Blackstone India). It also saw participation from existing investors, Mukul Agrawal (Param Capital) and Varalakshmi Enterprises (Family Office of the GMR Group). This has taken the overall funding raised by the company till date to over $20 million. Prime Securities was the exclusive Investment Banker for the transaction. The company plans to utilize the funding to strengthen their position as one of the best fantasy sports brands in the country.
"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," said Amit Purohit, founder and Group CEO, SSSG.
Valued at $135 million today, Fantasy Akhada has stood out in a cluttered market with top-notch customer service, innovative acquisition and retention schemes and a superior product in terms of technology. The company plans to launch a new brand that focuses on streaming, content and analytics. Additionally, the company is focused towards building world-class technology products that will drive sports engagement in the country, according to an official statement by the company.
"There is a digital revolution that we are witnessing in India with 1 billion smartphones in the hands of people. Technology would be the key driver in making India, a truly multi-sport nation. The company has a clear vision to expand beyond gaming and become a force to reckon with in the Sports Tech space," said Mathew Cyriac, Florintree Advisors.