By Entrackr
Tech-enabled sports startup Machaxi has raised Rs 4.8 crore ($580,000) in a pre – Series A Round led by Inflection Point Ventures.
The Bengaluru-based company had previously raised $160,000 in a seed round back in 2022 from notable angel investors.
The funds will be used to develop technology for user analytics and sports shopping, expand the sports shop vertical, and build the brand, Machaxi said in a statement.
Co-founded in 2019 by Pratish Raj, Tushar Raj, and Ashish Anand, Machaxi provides sports coaching for kids, offers facilities for adults to play sports in their neighbourhoods. It also offers an app that allows users to shop for sports equipment.
Machaxi claims to have registered a gross revenue run rate of Rs 18 crore, maintaining an EBITDA-positive status since inception. It also claims to have 50,000 users monthly. The company’s facilities cover a wide range of sports, including badminton, swimming, table tennis, football, and cricket,
The sports market in India is valued at approximately $5 billion.
Machaxi may directly or indirectly compete with other startups like Cult, Flow Sports, Khelomore, Push Sports, Sporthood et al.