Launched in January last year, the platform has raised $1 million so far. This included Rs 5 crore raised in September through investment banking firm 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 told ET.
In August, Bhogle had come on board as an investor and brand 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 monthly active users and 30% of them are playing with money, Purohit said.
When asked if the unavailability of live India cricket hurts business, he said there were more than enough cricket tournaments going on currently and the line-up for the next two years looked 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 said.
Between the remaining matches of the Indian Premier League 2021, ICC T20 World Cup, IPL 2022 and ICC Men’s World Cup, there were big properties every 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 said.
Currently, Fantasy Akhada offers fantasy sports built on cricket and football tournaments. The company wants to add kabaddi, basketball and baseball to its portfolio. Uttar Pradesh, Bihar, Rajasthan and Gujarat are the biggest markets for the company.