Sachin Tendulkar-backed sports-based entertainment company Smaaash Entertainment Pvt. Ltd has raised Rs90 crore in funding, it said in a statement on Thursday. The amount was raised from high net-worth individual (HNIs) clients of Avendus Wealth Management Pvt. Ltd, the wealth management arm of financial services firm Avendus Capital.
Smaaash operates gaming and entertainment centres that offer sports such as cricket, football, go-karting, virtual reality as well as music and dining facilities in cities like Mumbai, Gurugram, Hyderabad, Noida, Bengaluru and Ludhiana.
Smaaash was started by Shripal Morakhia in 2012 with a 40,000ft centre in Mumbai. The company also has presence in the US.
“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,” Morakhia said in the statement.
In August, PVR Ltd and Major Cineplex Group had announced it was selling the bowling joint venture bluO entertainment to Smaaash Entertainment Pvt. Ltd for Rs86 crore. In July this year, Smaaash raised Rs280 crore through a mix of equity and debt, Mint reported.
“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,” said George Mitra, chief executive of Avendus Wealth Management.
Beyond financial returns, reasons for HNIs to invest directly in companies include the desire to understand businesses which can either complement or potentially disrupt the existing businesses owned by HNIs, or in some cases, to diversify from the existing ones, he said.
Avendus wealth manages $3 billion worth of assets for HNIs and corporates.
Source: Mint