Virtual reality gaming and entertainment startup Smaaash has raised another round of funding – a $14.05 million (INR 90 crore) from HNI clients of Avendus Wealth Management Pvt. Ltd, the wealth management arm of financial services firm Avendus Capital.
The Mumbai-based, Sachin Tendulkar-backed startup aims to provide world-class sports and immersive experiences to India’s fast-growing gaming population, and the newly raised financing will help in its growth plans.
Commenting on the development, Shripal Morakhia, Founder and CEO of Smaaash Entertainment, said, “In the current year, with two back-to-back acquisitions, we have cemented our place as the player in the active entertainment space. The equity raise will only accelerate our growth plans to provide world-class sports and immersive experiences in India”
“Investments in unlisted companies are forming an important facet in the asset allocation of HNI’s portfolio. Sectors, where there is growing interest, includes consumer, healthcare, deep tech and cleantech,” added George Mitra, CEO of Avendus Wealth Management.
The fundraising comes in less than a month after Smaaash has raised $3.9 million (INR 25 crore) from Nikhil Vora-led consumer-focused investment firm Sixth Sense Ventures.
At the time, the company’s post-money valuation was said to be more than $100 million (INR 640.5 crore).
Smaaash has also picked up $6.6 million (INR 43 crore) during a funding round in November from a clutch of undisclosed high net-worth investors (HNIs).