Smaash looks to raise USD 30 mn to fund expansion

Sachin Tendulkar-backed sports-based entertainment firm Smaaash is in talks to raise USD 30 million (over Rs 200 crore) to fund its expansion plans in India.

It plans to invest Rs 250 crore over the next two years, including its investment into a digital platform for online gaming, for expansion of its footprint across the country, a top company official said.

"We are about to close a round of funding. We are looking at raising USD 30 million. We will use this sum to fund our expansion plans," Smaaash Chairman Shripal Morakhia told PTI.

The company so far has raised Rs 150 crore from high net worth individual investors and private equity firm Fidelis World.

Smaaash plans to open close to 90 centers to have a network of 120 outlets across India by the financial year 2020. It is also looking at expanding in overseas markets, including West Asia and the US this year through franchise agreements, Morakhia said.

"Smaaash over the past five years has driven the gaming market in India to exponential level and is now aiming to take this forward outside India. We are looking to fill the much- needed gap for experiential entertainment with an initial focus on Saudi Arabia, Dubai, and the US," he said.

In the US, the first Smaaash center was opened at Mall of America Minneapolis in 2017.

The company plans to open 24 new centers in India this year.

Smaaash owns and operates sports-centric digital entertainment centers for games including cricket, football, go-karting, and bowling.

The company is also looking at the manifold jump in its turnover to Rs 600 crore by the fiscal year 2020 from 150 crores reported in the previous financial year.

Last month, Smaaash also acquired 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.

At present, there are 36 Smaaash centers in India in cities such as Mumbai, Delhi, Pune, Hyderabad, Bengaluru, Ludhiana, Amritsar, Bhopal, Mangalore, Madurai, Gwalior, and Mysore.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)