Sports-based entertainment startup Smaaash is on the verge of closing $30 Mn (Rs 200 crore) funding round. The Sachin Tendulkar backed startup will reportedly use these funds primarily for business expansion plans.
The reports about Smaaash raising fresh funds broke out after company’s chairman Shripal Morakhia told a prominent business daily that the company is about to close $30 Mn round. The identity of the investors who will be participating in this round is still unknown.
Morakhia said that the company plans to unveil 90 more sports based entertainment centers across the country by 2020. 24 of these planned centers will come up this year itself, he added.
Smaaash is also focused on international expansion with focus on markets like Saudi Arabia, Dubai and the US. The company is also operating a center in Mall of America Minneapolis, which was opened in 2017.
Last month, Techpluto was one of the first to report that Smaash is planning to raise Rs 500 crore through IPO route. It is evident that the company is going full throttle to raise more & more funds for its business expansion plans.
Earlier this year, it raised close to $6.17 Mn from group of HNIs. According to reports, the company has raised nearly Rs 150 crore through multiple funding rounds.
Smaaash was incorporated in 2012 by film celebrity cum entrepreneur Shripal Morakhia. The company operates sports-centric digital entertainment centres across the country. It mainly focuses on games like cricket, football, go-karting and bowling.
The company has managed to hog lot of media limelight owing to its association with Sachin Tendulkar. The legendary cricketer is one of the stakeholders in the startup. The company also recently signed current Indian cricket team capitan Virat Kohli as its brand ambassador.