Fantasy sports platform PlayerzPot has raised around USD three million in its Series A funding round, according to Inc42.com.

The Mumbai-based startup plans to use the fresh round of funds to expand its verticals and introduce concepts to enhance the user experience, make advancements in real money games, and its overall brand building, the report stated.

Yogesh Doiphode, the co-founder of PlayerzPot believes that the newly acquired funds will help the company break new ground in the fast-evolving fantasy sports and online gaming market of India.

“The online gaming industry in India is growing tremendously and is expected to multiply at an unprecedented rate. There is huge untapped market potential, and the funds will help the brand scale higher while also paving the way for the latest innovations,” said Doiphode.

Founded in 2015, PlayerzPot claims to have more than two million users and has achieved tremendous growth, especially in the lower-tier cities of India, during the Indian Premier League (IPL) 2020.

“We have received an overwhelming response from the Tier 2 and Tier 3 cities and the popularity of the platform among the core fantasy segment is constantly rising which according to me shows the mettle of the entire company,” claimed Mitesh Gangar, co-founder of PlayerzPot.

With the fresh capital, the company aims to consolidate its place in the highly-competitive Indian online fantasy sports space.

“Through this funding, we aim to strengthen our leadership position in the industry.

"Our vision is to become the best destination in India for games of skill and we are confident about the bright future of this segment,” reckoned Gangar.

PlayerzPot had named Indian cricket team star Bhuvneshwar Kumar as its brand ambassador in September, earlier this year. To attract female gamers to fantasy sports, the brand also roped in female Indian cricketer Smriti Mandhana as its face.

Playerzpot claims to have the lowest commission in the fantasy sports industry and allows instant withdrawal of winnings.