With this fundraise, the company is planning to expand its product offerings, improve product experience, scale its team, drive expansion
Online platform Sporjo has raised $2 million in a Pre-Series A round led by private investor Punit Balan, chairman, Punit Balan Group and Punit Balan Studios. The round also saw participation from other private investors. With this fundraise, the company is planning to expand its product offerings, improve product experience, scale its team, drive expansion across India and in key overseas markets.
According to G Srinivvasan, founder and CEO, Sporjo, while the sports industry is in its infancy in India, the landscape has witnessed a significant transformation in the last decade. Especially thanks to IPL and other subsequent leagues, the industry has seen a massive shift towards investments in sports. Although large corporations are entering the segment, sports in India contributes 0.1 % to the GDP compared to the global average of 0.5%, Srinivvasan said. Hence, this indicates tremendous potential for expansion, he noted.
“Challenges exist for both candidates and employers. A lack of credible sources, information and knowledge is a major hurdle for the candidates. Skill gaps, understanding of the business of sports, and incredible lead times to find the right person ail the employers. With jobs in Sports projected to grow at a CAGR of 6% by FY24, addressing this gap between candidate and employer through assessing, training and eventually placing professionals has been Sporjo’s genesis,” Srinivvasan added further.
For investor Punit Balan, what Sporjo is doing for the Indian sports industry is transformative. With the Indian sports market poised for growth, there is an ever-growing need for professionals in the industry, Balan opined.
“Having backed athletes as well as a few teams over the years, I am acutely aware of the gap that exists in recruiting the right talent. It is also the right time to start educating parents, children and professionals about the varied careers that exist in the sports industry and providing them with a roadmap backed with an action plan,” Balan stated.
Education, training, and employment-oriented online company Sporjo, launched in May 2020, aims to create an ecosystem of half a million professionals to support the Indian sports industry by 2030. Along with bridge the gap between passionate individuals and prospective employers in the sports industry, it also wants to towards creating a culture of empowerment.
“The evolution of sports and the refinement of professional athletes over the past few years has created a valid need for skilled professionals that understand the nuances of the industry. Sporjo is a brand that has identified this and is making strides to equip the entire Indian sporting industry,” Leander Paes, strategic advisor and ambassador, Sporjo, said.