The Noida-based platform Sportido will put the infused capital to enhance its product offering for venues and customers, and expand its services to newer cities.
Sportido founder and CEO Neeraj Aggarwala said that India’s sports ecosystem is growing rapidly and there is a huge demand for sports and fitness solutions in the country.
The company has witnessed a 7x growth in the number of sports facilities in the last three years, he added.
Sportido was founded by Neeraj Aggarwala and Akhil Ramachandran in 2015. The company offers a single platform to connect with other players, book places and select more than 700 sports and fitness activities.
Sportido claims to help enthusiasts book activities ranging from snooker table, badminton court, archery range, mini football, pool table, basketball table, table tennis board among other sports facilities.
Ramachandran adds, “This growth is primarily due to stickiness of users and high repeat transactions. The average user has transacted 7 times in the last 6 months, which gives us a very high customer lifetime value.”
Furthermore, according to a recent report, the fitness market in India is valued at $3 Bn and is said to be growing at a compound annual growth rate (CARG) at 18%, with a mere 4% of the market comprising of organised gym chains or digital fitness startups, mostly belonging to urban areas. The trend of digital fitness is not yet experienced by the Tier 2 and 3 cities.