Fantasy sports platform Fantasy Akhada raises $11 million in funding

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The parent company for Fantasy Akhada, Super Six Sports Gaming (SSSG), has raised $11 million in a funding round led by Florintree Advisors. According to a senior executive of the company, the value of SSSG at $135 million after the fundraising.

The company was founded in 2020 by Amit Purohit, Amit Bhardwaj, Ankit Upreti, Pratik Gosar, Sumit Jha, and Sahil Ahuja and has since raised more than $20 million in equity capital.

The company will introduce a new brand that focuses on sports streaming, content, and analytics using the additional funding. Furthermore, the funds will also be used for commercial expansion and the development of technologies, according to Mint.

Group chief executive at SSSG, Amit Purohit, said, “In January 2023, we achieved operational profitability for the first time and demonstrated a clear path to company-level profitability. The fact that we achieved 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 fundraiser will help us achieve the current business plan.”

Purohit claims that the firm anticipates ending this fiscal year with a Contest Entry Amount (CEA) of over 600 crores, a significant increase from FY22 but has withheld the amount from the previous year.

Florintree Advisors is a growth-stage private equity firm investing in companies with a technology foundation. Mathew Cyriac from Florintree said, “There is a digital revolution that we are witnessing in India with one billion smartphones in the hands of people. Technology would be the key to making India a truly multi-sport nation.”

“The company has a clear vision to expand beyond gaming and become a force to reckon with within the sports tech space,” he added.

With India’s rapidly expanding fantasy gaming market, experts have labelled it as the most significant fantasy gaming market, with several brands emerging in the last decade.