Smaaash Entertainment has raised INR 25 crore in yet another round of funding. The Sachin Tendulkar-backed sports-based entertainment company has raised from consumer companies-focused investment firm Sixth Sense Ventures. The company is targeting larger fund raising over the next few weeks.
Smaaash is reportedly expecting to value $100 million (INR 650 crore) following the funding round. Registrar of Companies filings suggest that Smaaash has also raised INR 43 crore in the recent weeks, ET has reported.
Sixth Sense Ventures is run by former IDFC Securities equity analyst Nikhil Vora. Smaaash, founded by entrepreneur Shripal Morakhia, is backed by cricket legend Tendulkar. Morakhia has in the past been behind institutional brokerage firm SSKI and retail brokerage firm Sharekhan.
This investment marks the tenth and final investment of Sixth Sense’s debut fund, where it has invested in companies including Leap India, Veeba Foods, Ethos Watches, Hindustan Foods, among others.
Smaaash, which has started operations in 2012 with a center of over 40,000 sq ft in Mumbai, is at present managing over 600,000 square feet area in India. The company owns and operates digital entertainment centers for sports such as cricket, football, go-karting, bowling as also virtual games in 30 centers across India, US, China and the Middle East.
Company’s operating revenues in financial year 2017 have registered an almost 100% growth to reach INR 103.26. Losses too have reached INR 32.88 crore, according to filings. Shareholders of the company include Tendulkar, sports-focused investment firm Fidelis World, and BCCL, which publishes The Economic Times.
“In SMAAASH, there is a feeling that we have cracked a space which has tremendous latency and yet is almost unexplored. I believe that we have put most of the building blocks in place and now look forward to an elevated level of performance on all parameters,” ET has quoted Morakhia as saying.
The capital raised in this new round will see Smaaash furthering its physical presence in both domestic and international geographies and comes 3 months after the company acquired bowling entertainment firm bluO Entertainment from PVR for INR 86 crore. The company also sees the application of its augmented reality technology in the online gaming market.