MUMBAI: U Sports, the sports company owned by renowned media personality Ronnie Screwwala, is confident of boosting net revenues to the Rs 300 million mark (a 114% rise) in the next financial year, Economic Times reports.
Supratik Sen, co-founder of the company, told ET that although it has registered improved net revenues worth Rs 140 million in 2018-19, it will end the FY with a net loss of Rs 110 million, which is 4.5 times greater than that in 2017-18.
It bears noting that U Sports is the owner of the U Mumba Volley team in the ongoing Pro Volleyball League, which is in its first season. Besides, their business of U Mumba in the Pro Kabaddi League after six seasons has either been at break-even or losses depending on the team’s performance.
On an average, 7-10 sponsors come on board at a value anywhere between Rs 30-50 million. With its home turf being at the National Sports Club of India, U Mumba has made Rs 12 million from gate receipts and Rs 60-65 million from the central revenue pool, which is owned by official broadcasters and co-owners of the PKL, Star India.
“We aim to increase net revenue by 114% to Rs 300 million in FY19. Between FY14-FY18, we invested Rs 650 million in Kabaddi. Further, we are looking to invest Rs 45 million in the U Mumba Volley team, in the first season of Pro Volleyball League, which is currently on air,” Sen stated.
Sen also spelled out the company’s plans to up its investments in football and e-motorsports, although it remains to be seen when the company would secure a profitable position.
Its football franchise, U Mumba FC could represent the city in the I-League in the near future for which a further Rs 40-50 million will be allocated.
In e-motorsports, the U Cypher championship will see a massive rise with a Rs 2.5-3 billion investment from the company across the next ten years. It is keen to rope in top Indian drivers such as Karun Chandok, Vicky Chandok and Narain Karthikeyan for their ambitious ventures, holding talks with them at present.
“We would like hold bike races in popular destinations such as Goa, Pondicherry, Daman, Kerala, Rajasthan, among other places,” Sen concluded.
