Launched in January final 12 months, the platform has raised $1 million thus far. This included Rs 5 crore raised in September by funding banking agency Prime Securities.
“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 informed ET.
In August, Bhogle had come on board as an investor and model ambassador for the Gurgaon-based startup.
One of the late entrants into India’s fast-growing fantasy gaming sector, Fantasy Akhada now has 500,000 month-to-month lively customers and 30% of them are taking part in with cash, Purohit stated.
When requested if the unavailability of reside India cricket hurts enterprise, he stated there have been greater than sufficient cricket tournaments happening at present and the line-up for the subsequent two years seemed very promising.
“We have 30% of our users paying with money. They don’t play only when the Indian team is playing. Currently, they are busy with Dhaka Premier Division T20 League, European T10, Caribbean domestic tour, etc., and our users are making teams for these too,” Purohit stated.
Between the remaining matches of the Indian Premier League 2021, ICC T20 World Cup, IPL 2022 and ICC Men’s World Cup, there have been massive properties each few months.
“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.
Currently, Fantasy Akhada presents fantasy sports activities constructed on cricket and soccer tournaments. The firm needs to add kabaddi, basketball and baseball to its portfolio. Uttar Pradesh, Bihar, Rajasthan and Gujarat are the most important markets for the corporate.