Super Six Sports Gaming (SSSG), the parent company of daily fantasy sports brand Fantasy Akhada, has raised $11 million in a fresh round of funding. The round was led by Florintree Advisors (run by Mathew Cyriac, ex-MD of Blackstone India). It also saw participation from existing investors, Mukul Agrawal (Param Capital) and Varalakshmi Enterprises (Family Office of the GMR Group). This has taken the overall funding raised by the company till date to over $20 million.
Prime Securities was the exclusive Investment Banker for the transaction.
Launched in 2020, the Gurugram-based startup has seen phenomenal growth over the past three years. Valued at $135 million today, Fantasy Akhada has stood out in a cluttered market with top-notch customer service, innovative acquisition and retention schemes and a superior product in terms of technology. Their biggest marketing campaign till date, #KhelTumharaAkhadaHumara feat. Harsha Bhogle and Ali Fazal was well recognised as one of the best marketing campaigns during IPL last year.
The company plans to utilise the funding to strengthen their position as one of the best fantasy sports brands in the country. Apart from this, they plan to launch a new brand that focuses on streaming, content and analytics. Additionally, the company is focused towards building world-class technology products that will drive sports engagement in the country.
SSSG founder and Group CEO 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 were able to achieve 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 fundraise will help us achieve the current business plan.”
SSSG founder and Group COO Sumit Kumar Jha added “We are excited to onboard a fresh set of investors. Some of our existing investors have also shown their confidence in our vision once again. We are committed towards increasing sports engagement in the country through technology. We believe that sports consumption in India has massive headroom for growth and we will help accelerate the same. The country, I believe, is at the cusp of a sporting revolution.”
“There is a digital revolution that we are witnessing in India with 1 billion smartphones in the hands of people. Technology would be the key driver in making India, a truly multi-sport nation,” said Florintree advisors Mathew Cyriac.
He added, “The company has a clear vision to expand beyond gaming and become a force to reckon with in the Sports Tech space.”
Prime Securities managing director N Jayakumar, said “We have been working together with SSSG since April 2021. With tremendous growth and a clear path to profitability, the company is on track to being one of the best sports tech companies of the country. With the Women’s Premier League already on and the Indian Premier League fast approaching, the funding sets the perfect platform for SSSG to catapult into the next level of growth.”