Gurugram-based IT Magia Solutions has roped in actor Rannvijay Singh as a business partner and raised Rs 1 crore funding in exchange for 10% equity stake, the company said in a statement.
Gurugram-based IT Magia Solutions has roped in actor Rannvijay Singh as a business partner and raised Rs 1 crore funding in exchange for 10% equity stake, the company said in a statement. The actor will join the board of the company.
Launched in 2012 by Hemant Sharma and Arpit Gupta, IT Magia provides strategic consulting in sports management through forming alliances for the client, marking their business plans, assessing budgets and new business opportunities.
The sports scenario in our country has evolved. Sports like Football, Kabbadi, Wrestling and Badminton, are finally getting the limelight and the applauds they have always deserved. I look forward to working with the company,” said Singh.
IT Magia works with over 150 businesses including Deloitte, Ernst & Young, Adidas, Red Bull etc, it said.
“We have created lots of intellectual properties and getting Rannvijay Singh on board helps in raising our brand value. He understands the market really well,” Hemant told FinancialExpress.com.
IT Magia is the organizer for events such as Adidas Creators Premier League – the first semi-professional football league in India and The Legends Cup, Champions Cup etc, the statement added.
Hemant launched Adidas Creators Premier League along with Rannvijay who had earlier this year partnered with Italian brand Fila for its footwear collection. The actor had also launched his fashion label Disrupt in April this year. The actor last year became co-owner of Chandigarh-based professional football club Minerva Punjab F.C.
“The value Rannvijay brings is tremendous since he has been associated with different sports. With a face like him, we have a great brand ambassador to represent IT Magia,” said Hemant.
The company will allocate the funding amount to marketing and building infrastructure. It plans to set up football grounds in Gurugram, Mumbai, Bengaluru in the next three years. Currently, the company owns a ground in Delhi.
The market size for sports management and infrastructure in India, according to Hemant, is around $1 billion and is growing at the rate of 15-20%.