Sachin Tendulkar backed gaming and virtual reality entertainment company Smaaash Entertainment has raked Rs 25 crore from Sixth Sense Ventures. According to sources, this latest capital infusion is a part of company’s much larger fund raising exercise that is expected to be completed in coming weeks.
Smaaash also received Rs 43 crore from a string of high networth investors (HNIs) during last few weeks. This is according to recent company filings with the Registrar of Companies. The slew of investments have propelled company’s valuation to near $100, with this valuation likely to increase after company closes in more fundings in the coming weeks.
Smaaash is founded by well-known entrepreneur Shripal Morakhia, who is credited for playing critical role in establishing successful institutional brokerage firm SSKI and retail brokerage firm Sharekhan. The company takes lot of pride in the fact that it is one of the few firms that seamlessly marries sports, virtual reality, music and food dining into an immersive experience. Smaaash offers this immersive experience through various state-of-the-art centers across the country including the biggest one in Mumbai, which is over 40,000 sq ft. The company currently operates over 600,000 square feet of area. Besides, it also has centers in US, China and few Middle East countries.
The firm relies on sports simulation technology and proprietary gamification technologies to offer an immersive experience to consumers. This includes a unique twilight bowling zone, motor racing and bike racing simulators and the go-karting tracks.
The latest capital infusion will be mostly used to open more centers in domestic as well as international markets. The company may also use funds to acquire some promising stratups. It had recently acquired bowling entertainment company bluO Entertainment from PVR for approximately 86 crore.
After latest fund raising, Morakhia said in an official statement that Smaaash has entered a space that has tremendous potential and is still largely untapped. He added that the company has really worked hard to fill in all the gaps and now looks forward for optimum performance on all fronts.
Nikhil Vora, founder of Sixth Sense Ventures, said that Smaaash has first mover advantage in this space and can have same impact on this upcoming industry like Kishor Biyani’s Big Bazaar had on the mall industry.
