Florintree leads $11M funding round for Fantasy Akhada
- ByStartupStory | March 10, 2023
In a recent funding round, Fantasy Akhada, a platform for fantasy gaming, has secured $11 million. The funding was led by Florintree Advisors, headed by Mathew Cyriac, who was formerly the MD of Blackstone India. Existing investors Param Capital’s Mukul Agrawal and Varalakshmi Enterprises, which is the family office of the GMR Group, also participated in the round.
Having completed this funding round, the startup based in Gurugram has now accumulated more than $20 million in funding.
Utilising the funds raised, the company aims to consolidate its position as one of the leading fantasy sports brands in the nation while simultaneously launching a new brand that concentrates on streaming, content, and analytics. Additionally, the company is committed to developing top-notch technological products that will enhance sports participation and engagement in the country.
The startup was established in 2020 by a team comprising of Amit Purohit, Amit Bhardwaj, Ankit Upreti, Pratik Gosar, Sumit Jha, and Sahil Ahuja. At present, the company is valued at $135 million.
Amit Purohit, the Founder and Group CEO of SSSG, stated that “the company accomplished operational profitability in January 2023, marking a significant achievement. This milestone has instilled confidence in the company’s ability to introduce additional brands that will enrich the sports culture in India. The recent funding will support the execution of the company’s existing business plan”.
Sumit Kumar Jha, Founder and Group COO of SSSG, expressed enthusiasm in welcoming a new group of investors while also appreciating the continued support from existing investors who share the company’s vision. He emphasised “the company’s dedication to leveraging technology to foster greater sports participation and engagement in India, which he believes has tremendous potential for growth. He further stated that the nation is on the brink of a sports revolution, and the company is eager to contribute to its development”.
Mathew Cyriac, representing Florintree Advisors, highlighted “the ongoing digital revolution in India, with over one billion smartphone users, and stated that technology would play a vital role in transforming India into a multi-sport nation”.
He further commented on the company’s vision to extend its reach beyond gaming and establish a prominent presence in the sports technology arena, which he finds commendable.
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