Machaxi Scores Rs 4.8 Crore in Pre-Series A Funding Round

Machaxi Cofounders
Preeti Bali / 9:17 am / June 28, 2024

Machaxi, a Bengaluru-based sports startup leveraging technology to enhance the athletic experience, has secured Rs 4.8 crore ($580,000) in a pre-Series A funding round. Inflection Point Ventures led the investment, marking a significant step forward for the young company.

Building on a Strong Foundation

This latest funding round follows a successful seed round in 2022 that secured Machaxi $160,000 from prominent angel investors. The fresh capital injection will fuel the company’s growth plans across various facets.

Investing in Innovation and Brand Development

Machaxi intends to utilize the funds to develop advanced technology for user analytics and sports equipment shopping. Additionally, the company will focus on expanding its sports shop operations and building brand awareness to solidify its position in the Indian sports market.

A Multi-Faceted Approach to Sports

Founded in 2019 by Pratish Raj, Tushar Raj, and Ashish Anand, Machaxi caters to a diverse range of sporting needs. The company offers sports coaching programs for children, providing a nurturing environment for young athletes. Adults can benefit from Machaxi’s network of conveniently located sports facilities, allowing them to engage in their favorite activities within their neighborhoods. Additionally, Machaxi’s user-friendly app streamlines the process of purchasing sports equipment, ensuring a comprehensive athletic experience.

Early Success and Market Potential

Machaxi has established itself as a promising player in the Indian sports industry. The company boasts a gross revenue run rate of Rs 18 crore and has maintained a positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) since its inception, demonstrating early financial stability. More than 50,000 users rely on Machaxi’s services each month, highlighting the growing demand for their offerings. Their facilities cater to a wide range of sports, including badminton, swimming, table tennis, football, and cricket, ensuring they cater to a diverse range of athletic interests.

A Competitive Landscape

The Indian sports market thrives with an estimated value of $5 billion. Machaxi operates within a competitive landscape, potentially encountering other established startups like Cult, Flow Sports, Khelomore, Push Sports, and Sporthood. However, Machaxi’s unique combination of technology-driven solutions, diverse services, and a focus on community engagement positions them well to carve out a significant niche in this dynamic market.

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