Sportstech Startup Machaxi Secures INR 4.8 Cr Pre-Series A Funding to Revolutionize India’s Sports Landscape
Introduction: Transforming Sports in India
In a significant development for the sports and fitness tech industry, Machaxi, a Bengaluru-based startup, has successfully raised INR 4.8 Cr in a Pre-Series A funding round. This round was led by Inflection Point Ventures (IPV) and saw participation from Ankit Nagori, cofounder of Curefit. Machaxi, founded by Pratish Raj, Tushar Raj, and Ashish Anand in 2019, is on a mission to transform India into a sports-playing nation through technology-enabled sports coaching.
Funding and Future Plans
With the new funding, Machaxi aims to expand its operations and enhance its technology stack and product offerings. The startup’s innovative approach allows parents to track their children’s progress in various sports through detailed technical parameters. This fresh influx of capital will enable Machaxi to broaden its reach and improve its services.
Growth and Achievements
As of May, Machaxi boasts a gross revenue run rate of INR 18 Cr, maintaining a positive EBITDA. The platform has garnered over 50,000 monthly users who utilize its sports facilities, including badminton, swimming, table tennis, football, and cricket. This impressive user base underscores Machaxi’s growing influence in the sportstech sector.
Strategic Partnerships and Market Position
Partnering with IPV has been a game-changer for Machaxi. “Collaborating with IPV has been an incredible experience, and their support will be crucial in accelerating Machaxi’s growth. This partnership will enable us to enhance our services, expand our reach, and continue our mission to transform India into a sports-playing nation,” said Pratish Raj.
Competitive Landscape
Machaxi operates in a competitive market, going head-to-head with other sportstech startups like Playo, Huddle, and Khelomore. According to data from Inc42, domestic sportstech startups have collectively raised $139 Mn across 29 funding deals between 2014 and November 2022. This vibrant ecosystem indicates a thriving market with substantial growth potential.
Broader Industry Insights
Earlier this year, another sportstech startup, SportVot, raised INR 9.4 Cr (approximately $1.1 Mn) in a Pre-Series A funding round led by Omidyar Network India. The sportstech landscape in India is diverse and expanding, with 1,549 sportstech startups, according to a recent report by Tracxn. Notable companies in this sector include Nazara, Healthkart, Dream11, Games24x7, and MPL.
Conclusion: Paving the Way for a Sporting Nation
Machaxi’s recent funding success marks a significant milestone in its journey to revolutionize sports in India. With strategic support from IPV and a robust technology-driven approach, Machaxi is well-positioned to make sports accessible and engaging for the masses. As the sportstech industry continues to grow, startups like Machaxi are playing a crucial role in shaping the future of sports and fitness in the country.
