Sports365 to raise over Rs 50 cr for expansion and growth

Sports365.in is negotiating with several investors to raise around 8 million dollars (over Rs 50 crores) to build its technological capacities, launch own private labels and strengthen the team. After raising Rs 7 crore in funding from US-based venture capital firm Powerhouse Ventures and IT services firm Zolon Tech in 2014, the company is looking at a funding boost to scale-up business.

With cricketer Yuvraj Singh, Bollywood actor Lara Dutta and international squash player Dipika Pallikal as its brand ambassadors, a three-year-old sports and fitness products start-up, Sports365 is eyeing growth with rising fitness consciousness among Indian consumers. Tennis player Mahesh Bhupati is Director as well as brand ambassador of this multi-channel sports goods firm. The venture reported a top line to Rs 14.5 crores in 2014-15 and aims to increase revenue to Rs 120 crores in the next three years.

Founded by G Chandra Sekhar Reddy, and Aashutosh Chaudhari, who saw immense potential in this category, realised that a rise in sporting events such as IPL, Indian Super League (ISL), Hockey India League, Pro-Kabaddi have given a boost to entrepreneurs like them. Both, IIM Lucknow graduates, decided to utilise their eight years of corporate experience to launch Sports365 in May 2012.

Initial funding of Rs 1 crore raised through family and friends, helped the set up the team, technology and operational back-up. The company managed to report revenue of Rs 4.6 crore in the 2012/13 fiscal year. The company's platform now offers over 35,000 products from more than 150 sports brands, across more than 50 sporting disciplines. Sports365 also sells through e-commerce companies such as Flipkart, Snapdeal, Amazon and Paytm.

It also has an offline presence to offer solutions around sports goods, merchandise, apparel and infrastructure to corporates, schools, sports clubs and training academies. The startup has 250 institutional customers that include leading schools, sports academies, professional sports teams from ISL and I-League and multinational companiesGoogle, Facebook, Amazon, NTT, Accenture, Wells Fargo, among others.