MUMBAI: Smaaash Entertainment has raised Rs 900 million from high net-worth individual (HNIs) clients of Avendus Wealth Management, the wealth management arm of financial services firm Avendus Capital.
In a statement released on Thursday, the Sachin Tendulkar backed sports and entertainment company which operates gaming and entertainment centres in Mumbai, Gurugram, Hyderabad, Noida, Bengaluru and Ludhiana, 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.”
“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 clean-tech,” the Mint quoted George Mitra, chief executive of Avendus Wealth Management as saying.
Avendus wealth manages $3 billion worth of assets for HNIs and corporates. Smaaash, which also has a US presence, was started by entrepreneur Shripal Morakhia in 2012 with a 40,000ft centre in Mumbai.
In November this year, the company raised Rs 250 million from consumer companies-focused investment firm Sixth Sense Ventures. Media reports say Smaaash is eyeing a Rs 2 billion equity round. Smaaash acquired a 100 per cent stake in bluO entertainment, a premium bowling and entertainment format operated by PVR in August this year, and a 100 per cent stake in SVM Bowling and Gaming, a popular bowling and entertainment format operated by SVM (Sri Venkateshwara Multiplexes).
