IPV led Rs 4.8 Cr Pre-series A funding raised by sports tech startup Machaxi
Pre-Series A funding led by Inflection Point Ventures has brought in Rs 4.8 crore ($580,000) for the tech-enabled sports startup Machaxi.
Notable angel investors contributed $160,000 to the Bengaluru-based company’s seed round back in 2022.
According to a statement from Machaxi, the money will be used to create technology for user analytics and sports shopping, grow the vertical sports shop, and strengthen the brand.
Machaxi, which was co-founded in 2019 by Ashish Anand, Tushar Raj, and Pratish Raj, offers facilities for adults to play sports in their neighborhoods in addition to sports coaching for children. Additionally, it provides an app that lets users purchase sporting goods.
Machaxi states that since its founding, it has maintained an EBITDA-positive status and recorded a gross revenue run rate of Rs 18 crore. It also states that 50,000 people use it each month. A variety of sports are available at the company’s facilities, such as football, cricket, table tennis, badminton, and swimming.
India’s sports market is estimated to be worth $5 billion.
Machaxi might face competition from other startups such as Cult, Flow Sports, Khelomore, Push Sports, Sporthood, and so on, either directly or indirectly.
