Bengaluru, June 27, 2024 – Machaxi, a tech-enabled sports startup, has successfully raised Rs 4.8 crore ($580,000) in a pre-Series A funding round led by Inflection Point Ventures (IPV).
Founded in 2019 by Pratish Raj, Tushar Raj, and Ashish Anand, Machaxi offers a multifaceted platform encompassing sports coaching for children, neighborhood sports facilities for adults, and an integrated app for sports equipment shopping.
This latest funding round follows a seed investment of $160,000 secured in 2022 from prominent angel investors. According to Machaxi, the newly acquired funds will be pivotal in enhancing their technological capabilities for user analytics and expanding their sports shop vertical. Additionally, the investment will support brand-building efforts aimed at consolidating their market position.
Machaxi boasts impressive financial metrics, reporting a gross revenue run rate of Rs 18 crore and maintaining an EBITDA-positive status since its inception. With a user base of 50,000 monthly users, the company offers a comprehensive array of sports facilities, catering to activities such as badminton, swimming, table tennis, football, and cricket.
The sports market in India, valued at approximately $5 billion, presents significant growth opportunities for Machaxi. While navigating competition from peers like Cult, Flow Sports, Khelomore, Push Sports, and Sporthood, Machaxi remains focused on leveraging technology to enhance user experience and drive expansion in the dynamic sports ecosystem.