This comes in, almost, four months after the startup raised investment from Sixth Sense Ventures at a valuation of $100 million.
Sports based entertainment startup, Smaaash, has raised $6 million from a group of high net worth individuals (HNIs) including founder of clothing brand Manyavar – Ravi Modi, former vice chairman of Cognizant – Lakshmi Narayana and Balkrishna’s Industries Vijaylaxmi Poddar. The company plans to further use the freshly secured funds to expand geographically in, both, national and international markets.
This comes in, almost, four months after the startup raised investment from Sixth Sense Ventures at a valuation of $100 million. The company has raised a total of $117 million, including equity and debt funding, since its inception.
Founded by Shripal Morakhia – the guy behind SSKI and Sharekhan, in 2012, the Sachin Tendulkar backed startup operates entertainment centers for sports like cricket, football, go-karting , among others in over 30 centres across India, along with China, Middle East and the US. The company is popular for its digital gaming technology. Services include entertainment portals like unique twilight bowling zone, motor racing and bike racing simulators and the go-karting tracks.
The company claims to hold over 600,000 square feet area in the country. Smaaash further claims to have doubled its operating revenues in 2017 amounting to Rs 103.26 crore. According to the regulatory filings, the company’s losses increased by almost 30 percent to hit Rs 32.88 crore.
Previously, the company had raised $3.8 million in a round lead by Sixth Sense Ventures. Prior to this the sports entertainment company had raised $14 million in a round led by Avendus Capital. The $3.8 million round and the $14 million round had almost a month in between. The startup had also raised $44 million in debt financing from ECL Finance. Sachin Tendulkar, along with BCCL has also invested in the firm.