Sachin Tendulkar-backed gaming and entertainment company Smaaash has raised Rs 90 crore in equity financing, through a syndication deal, less than a month after it had raised Rs 25 crore from consumer-focused investment firm Sixth Sense Ventures.
The latest transaction, which was structured by domestic financial services firm Avendus Capital, through its wealth management unit, Avendus Wealth Management, saw participation from a number of high net-worth individuals, whose names, however, were not disclosed.
Shripal Morakhia, founder of Smaaash, 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.
George Mitra, chief executive of Avendus Wealth Management said “Investments in unlisted companies are forming an important facet in the asset allocation of HNIs’ portfolio Synergies within the Avendus group enable us to have access to marquee deals for syndication with HNIs in the unlisted space and cater to this growing allocation in their portfolio.”
Founded by Morakhia in 2012, who was also behind institutional brokerage firm SSKI and retail brokerage firm Sharekhan, Smaaash currently manages over 600,000 square feet of area in India. The company 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.