MUMBAI: Smaaash Entertainment, co-owned by Shripal Morakhia and Sachin Tendulkar has raised Rs 250 million from consumer companies-focused investment firm Sixth Sense Ventures.
Economic Times reports that Smaaash has also raised Rs 430 million from a slew of high networth investors (HNIs) in the recent weeks and the latest round of investment by Sixth Sense, run by former IDFC Securities star equity analyst Nikhil Vora, is a part of the company’s larger fund raising which is expected to be completed in the next few weeks.
Media reports say Smaaash is eyeing a Rs 2 billion equity round. Smaaash owns and operates digital entertainment centres for sports such as cricket, football, go-karting, bowling as also virtual games in 30 centres across India along with the US, China and the Middle East.
“In SMAAASH, there is a feeling that we have cracked a space which has tremendous latency and yet is almost unexplored. I believe that we have put most of the building blocks in place and now look forward for an elevated level of performance on all parameters,” ET quotes Morakhia as saying.
The fresh round of capital infusion is expected to see Smaaash furthering its physical presence in both domestic and international markets. 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).
