Fantasy Akhada, a fantasy gaming platform backed by Harsha Bhogle has raised INR five crore in funding through investment banking firm Prime Securities Limited.

The new financing round was led by investment banker N Jayakumar, managing director of Prime Securities.

Fantasy Akhada aims to utilise the new capital to gain traction and expand the user base during the Indian Premier League (IPL) 2021 season, which is one of the most lucrative periods for fantasy sports firms.

“The latest round of funding will primarily be used in enhancing our tech capabilities, driving user acquisition during the most important time of the year (IPL 2021),” said Amit Purohit, founder of Fantasy Akhada.

The new investor believes in the roadmap of Fantasy Akhada, which promises to turn profitable in the near future.

“Having studied several business models in this industry, we believe that merely burning money to acquire customers is not a long-term, sustainable solution for any player in this industry, an ethos that Fantasy Akhada truly embraces,” said N Jayakumar of Prime Securities.

“Given the initiatives they are planning, there is a well-defined path to profitability that the company is working towards, over the next few quarters."

Located in Mumbai, Prime Securities is a leading provider of diversified investment banking and corporate advisory services, licensed and regulated by the Securities and Exchange Board of India (SEBI).

Launched in January 2020, the Gurgaon-based startup had earlier raised funds from cricket commentator Harsha Bhogle who also joined the platform as its brand ambassador in August.

With the new investment round, Fantasy Akhada has raised close to USD one million in funding and has garnered three lakh active users since inception.

"The next two years will see a marquee T20 tournament every six months, and we aim to speed up our growth journey,” added Purohit.

It currently provides fantasy cricket and fantasy football but plans to add kabaddi and basketball to its portfolio soon.