Cricket commentator and analyst Harsha Bhogle has invested in Fantasy Akhada, a cricket- and football-focussed fantasy sports platform.
As part of this investment, Bhogle has also entered into a long-term agreement with the company to serve as its brand ambassador, according to a statement.
Fantasy Akhada says it has raised over $175,000 (approximately Rs 1.28 crore at current exchange rates) since its launch in January.
It did not give the amount for the latest deal.
The startup, operated by Super Six Sports Gaming Pvt Ltd and set up by Amit Purohit, says it will use the funding to accelerate its growth. It will focus on metrics including daily fantasy sports and customer engagement and retention.
“We are also very sure that his understanding of fan behavior/preferences and strong business background will help us in planning the next phase of growth for our startup,” Purohit said.
According to his LinkedIn profile, the Fantasy Akhada founder is an alumnus of the Birla Institute of Technology and Science-Pilani and XLRI-Jamshedpur. Prior to setting up the startup, he was associated with companies including Star TV Network and ITC Ltd.
Fantasy Akhada says it has been growing by more than 100% month-on-month following the nationwide lockdown. The platform offers both casual and real-money-based games and says it will soon expand its range to include basketball.
The bet on Fantasy Akhada is not Bhogle’s first investment in a startup. In May last year, he invested an undisclosed sum in Gurugram-based Chqbook. The startup is a neo-bank focussed on small business owners.
The capital commitment is also indicative of the continued interest in fantasy gaming platforms. Investor interest in the segment has also received a boost from the Indian government’s decision to ban several Chinese-origin applications and software in the wake of border tensions between the two countries.
On Friday, VCCircle reported that two United States-based institutional investors had emerged as frontrunners to invest in Dream11, which already counts among its backers firms such as Multiples PE, Kalaari Capital, Tencent and Steadview Capital.
Last month, fantasy gaming platform Fanspole Online Solutions Pvt Ltd said it had raised a pre-seed funding round led by early-stage venture capital firm Better Capital. The startup said it would use the capital for product development and marketing purposes.