MUMBAI: Tabono Sports, a sports and fitness company based out of Gurugram, has successfully raised pre-series A round of funding from Indian venture capital firm, Inflection Point Ventures (IP Ventures), Economic Times reports.
Due to this development, Tabono is now valued at Rs. 170 million and the additional funds will be used for expanding the company’s marketing, sales and technology teams largely in Tier II and Tier III Indian cities, according to its co-founder Abhishek Mishra.
Mishra’s firm organises and consults on marathon events, with its flagship properties including the likes of the Millennium City Marathon (Gurugram), Lucknow City Half Marathon and Madurai 10km Run. He launched the company in 2016 with the idea to inspire people to run, as he himself has been an ‘Ultraman’ finisher and a three-time Ironman triathlete as well.
“With the current team of professional runners, we are well poised to understand the user requirement and develop solutions catering to their need. Although a lot is happening in the fitness space within the country, marathons seem to be a simple, scalable and economical solution to a large population size,” Mishra was quoted as saying to ET.
“The fitness market in India is evolving, and within that, marathon properties are coming up in a big way. Abhishek’s expertise in this space adds tremendous value of the proposition. We are excited to back him and help him replicate his individual success in this business venture,” IP Ventures co-founder Mitesh Shah said. Shah is also the head of finance at one of India’s largest sports and entertainment ticketing platforms, BookMyShow.
IP Ventures is a subsidiary of CXO Genie that was founded in 2017 by nine finance industry veterans with the aim of funding Indian startups during their early stages. In November, it came in the news for agreeing to support Sportido, the Noida-based sports social network platform and marketplace.
