India: Sports entertainment firm Smaaash raises $14m from HNIs

Close on the heels of reportedly raising funds from Sixth Sense VenturesSmaaash Entertainment Pvt. Ltd, a sports-based entertainment company co-owned by cricketer Sachin Tendulkar, has raised Rs 90 crores ($14 million) from high net-worth individuals.

According to an official statement, the funds were syndicated by Avendus Wealth Management Pvt Ltd.

Set up in 2009, Smaaash owns and operates sports-centric digital entertainment centres for cricket, football, racing, bowling and other recreational activities. It was founded by Shripal Morakhia in 2012 with a first centre of over 40,000 sq. ft in Mumbai. Currently, it operates 30 centres.

In September, it was reported that Smaaash Entertainment had raised Rs280 crore (approximately $44 million) through debt and equity.

Last year, Smaaash had raised Rs 150 crore from Piramal Enterprises. Prior to that in 2014, the company had raised Rs 65 crore from sports-focused investment firm FidelisWorld.

“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,” said Smaaash founder Morakhia.

The company recently announced the acquisition of bowling joint venture bluO entertainment from PVR Ltd, India’s biggest movie exhibitor, and Major Cineplex Group, for Rs 86 crore in an all-cash deal.

It also acquired a 100 per cent stake in SVM Bowling and Gaming. The acquisition will add 13 centres to Smaaash’s blueprint in India, across Hyderabad, Mysore, Madurai, Vijayawada, Mangalore and Pune.

Also Read:

Smaaash raises funding from Sixth Sense Ventures

India: Sachin Tendulkar-backed Smaaash raises $43.7m

Smaaash acquires SVM Bowling and Gaming

PVR, Major Cineplex selling bowling JV to Smaaash Entertainment for $13.5m