Ravi Modi, the founder of the Virat Kohli-promoted ethnic wear brand Manyavar, is among the individual investors to fund the Sachin Tendulkar backed sports, VR gaming & entertainment startup Smaaash Entertainment.
Smaaash has raised ₹40 crores ($6m) from Ravi Modi, the founder of Indian ethnic clothing brand Manyavar.
The investment, according to Economic Times, was reported by data research platform Paper.vc and will be used for domestic as well as overseas expansion.
The funding comes four months after the firm had raised ₹25 crores from consumer-focused investment firm Sixth-Sense Ventures and another ₹43 crores from the undisclosed HNIs. Following the round, Smaaash was expected to be valued at about ₹650 crores ($100m).
In December last year, the firm has also raise ₹90 crores ($14.05) from HNI clients of Avendus Wealth Management Pvt. Ltd, the wealth management arm of financial services firm Avendus Capital. Till date, the total capital raised by Smaaash stands at about ₹762 crores, including equity and debt so far.
The firm was founded in 2012 by serial entrepreneur Shripal Morakhia, who was behind institutional brokerage firm SSKI and retail brokerage firm ShareKhan. Smaaash owns and operates digital entertainment centres for sports such as cricket, football and go-karting and also virtual games in 30 centres across India along with the US, China and the Middle East.