Smaaash Entertainment, a sports-based entertainment company, which raised ₹25 crore last month, has raised yet another funding round worth ₹90 crore.
The investment in this new round comes from a group of high net-worth individuals, who are the clients of Avendus Wealth Management Pvt. Ltd, the wealth management arm of financial services firm Avendus Capital.
Commenting on this funding round, 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.
George Mitra, CEO of Avendus Wealth Management, said,
Investments in unlisted companies are forming an important facet in the asset allocation of HNI’s portfolio. Sectors, where there is growing interest, include consumer, healthcare, deep tech and cleantech.
Smaaash Entertainment was founded by seasoned serial entrepreneur Shripal Morakhia, who was also behind institutional brokerage firm SSKI and retail brokerage firm Sharekhan.
The Mumbai-based company 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.
Its operations began in 2012 with its first centre of over 40,000 sq ft in Mumbai. It currently manages over 600,000 square feet of area in India. The company owns and operates digital entertainment centres for sports such as cricket, football, go-karting, bowling as also virtual games in 30 centres across India along with the US, China and the Middle East.
According to the documents filed with the Ministry of Corporate Affairs (MCA), Smaaash’s operating revenue nearly doubled to Rs. 103.26 crore in FY17. During the same fiscal year, its losses also jumped by around 33% to Rs. 32.8 crore.