Noida-based Sportido has recently announced that it has raised an undisclosed amount of funding from IP Ventures in its second round of funding led by Inflection Point Ventures and SucSEED Venture Partners.
The funds will be absorbed and released towards enhancement of its product offering for venues and customers, and also towards expanding its services to newer cities.
Earlier, Sportido had raised funds from Inflection Point Ventures, Sumpoorna Group among others. After the company was founded, it has expanded company to 5 cities and the monthly sales have now grown to become 30x times more than earlier.
Founded in 2015 by Neeraj Aggarwala and Akhil Ramachandran, the company provides to its users with a single platform to connect with other sports players. The platform can also be used to book places and select more than 700 sports and fitness activities. “
Since its previous fundraise in October 2018, Sportido has grown to 5 cities and their monthly sales have grown over 30x. Keeping aside its B2C model, the startup ties up with venues and sporting facilities to provide a facility management SaaS suite called ‘Charge’ which helps business customers track bookings, manage customer inflow and track inventory.
As per Akhil Ramachandran –
This growth is primarily due to stickiness of users and high repeat transactions. The average user has transacted 7 times in the last 6 months, which gives us a very high customer lifetime value.”
While Neeraj adds-
This new round of investment will help Sportido in product enhancement and expanding to new cities.”
Sportido helps sports enthusiasts to book for activities which are ranging from table tennis, snooker table, badminton court, archery range, mini football, pool table, basketball table board along with many other sports facilities.
Therefore, the company has witnessed a 7 times the amount of growth in their business and in the number of sports facilities in the past 3 years.
The fitness market in India is valued at $3 billion and is said to be growing at a compound annual growth rate (CARG) at 18%, with a mere 4% of the market comprising of organised gym chains or digital fitness startups. These fitness startups belong mostly to urban areas. This growing trend of digital fitness is not yet experienced by the Tier 2 and 3 cities.
The sports and fitness category includes many other competitors to Sportido. They are Playo, Cult.fit, Playnlive, BookYourGame and many other small upcoming startups.