 "GMR Sports to acquire significant stake in gaming start-up Fantasy Akhada, says report")
Fantasy Akhada, a fantasy gaming start-up, is in talks with GMR Sports to offload a significant stake at a valuation of $160-$175 million as per a report in Mint. The transaction is expected to be in tranches, with GMR likely to top up in the subsequent rounds and buying out several early backers. As per the report, the company is going to offload new shares of $50-$60 million. Fantasy Akhada is “looking at realigning its cap table with longer-term investors being brought on board as gaming in India is expected to see manifold growth in the coming years”, a source told Mint.
Fantasy Akhada has been endorsed by celebrity cricket commentator Harsha Bhogle. The gaming company is going to see some of its angel investors, early backers, and others exit via this deal. One of the sources cited told Mint, “It is a mix of primary and a small secondary share sale, and some early investors are likely to sell.” The individual added that the valuation will be doubled in the subsequent rounds.
Fantasy Akhada is backed by investors such as Prime Securities Team India Managers Ltd. The gaming start-up has raised $15 million so far. The founders own 44.1 percent stake in the company, while the angel investors hold 34.48 percent.
Fantasy Akhada allows users to make virtual teams comprising real professional sports players. The platform was founded in 2020 by Amit Bhardwaj, Ankit Upreti, Amit Purohit, Sumit Jha, Pratik Gosar, and Sahil Ahuja. The gaming company provides users with fantasy gaming experience across cricket, football, kabaddi, among other sports.
On the other hand, GMR Sports, the sports division for GMR Group, was incorporated in 2008 coinciding with the Indian Premier League’s inaugural season. GMR Sports was founded with the aim to use sports as a platform to help form a connection with the community at large, as stated by the company’s official website.
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