Machaxi, a tech-enabled sports startup has raised INR 4.8 Crore in a Pre Series A Round led by Inflection Point Ventures. The funds will be used to develop technology for user analytics and sports shopping, expand the sports shop vertical, and to build the Machaxi brand.
The company provides technology-enabled sports coaching for kids, offers state-of-the-art facilities for adults to play sports in their neighbourhoods, and offers an app that allows users to shop for sports equipment. Machaxi makes sports accessible and enjoyable for all ages while promoting a healthier and more active lifestyle across the country.
Pratish Raj, co-founder and CEO is an MBA graduate from XLRI, Jamshedpur, has experience in product management at Amazon and Tata Administrative Services. Tushar Raj, co-founder and CTO is a B-Tech graduate from VIT, Vellore, has worked as a software developer at Altair and Nutanix and is also a state-level badminton player. Ashish Anand, co-founder and COO with a B-Tech in Computer Science from NIT Allahabad, has experience in software development at Altair. Together, they are committed to transforming India into a sports-playing nation through Machaxi.
Ivy Chin, Partner, Inflection Point Ventures says, “It has become increasingly challenging for adults and parents to access affordable, quality sports coaching within urban residential areas. Recognizing this need, Machaxi steps in to bridge the gap by offering top-notch coaching and progress tracking for children, along with state-of-the-art facilities for adults. Additionally, their user-friendly app makes purchasing sports equipment convenient and accessible. Through these comprehensive offerings, Machaxi demonstrates a strong commitment to customer satisfaction and care. Their vision for a healthier India aligns perfectly with IPV’s values, instilling confidence in their ability to break barriers and foster a thriving community for all.”.
Machaxi’s strength lies in its execution capabilities, driven by a founding team with a mix of experience in sports, technology, and business leadership. This unique blend allows Machaxi to effectively strategize and implement initiatives that cater to both sports enthusiasts and casual players. One of Machaxi’s standout achievements is its ability to significantly increase the revenue of standalone sports centers by 2-3 times through rebranding them as Machaxi Sports Centres and leveraging technology to drive demand and enhance user experience.
As of May 2024, Machaxi has achieved a gross revenue run rate of 18 crore INR, maintaining an EBITDA-positive status right from the start. The company’s extensive reach is evident with over 50,000 users enjoying Machaxi’s sports facilities monthly. These facilities cover a wide range of sports, including badminton, swimming, table tennis, football, and cricket, demonstrating Machaxi’s capability to cater to diverse sports interests and its strong presence in the sports sector.
Pratish Raj, Co-Founder, Machaxi, says, “We are thrilled to announce our latest round of funding, led by Inflection Point Ventures and Ankit Nagori (Co-Founder Cult.fit and Founder Eat.fit). Partnering with IPV has been an incredible experience, and their support will play a pivotal role in accelerating Machaxi’s growth. This collaboration will enable us to enhance our services, expand our reach, and continue our mission to transform India into a Sports playing nation.”
Machaxi has successfully established itself as a trusted neighbourhood sports coaching brand in Bangalore, distinguished by its scientific and technology-led approach to coaching for both kids and adults. The company’s innovative Learn, Play, Shop model has facilitated rapid expansion to 14 sports centres across Bangalore, optimizing capacity utilization effectively. Additionally, the company has strengthened its presence by partnering with Olympian Nisha Millet as the brand ambassador for swimming coaching and membership programs, enhancing its reputation and outreach within the sports community.
Currently, the sports market in India is valued at approximately 5 billion USD, encompassing spending on sports coaching, playing facilities, and sports equipment. Despite this, sports adoption rates are less than 1% as of 2024. Over the next decade, significant growth is projected, with the market size expected to expand to around 20 billion USD. This growth is fuelled by anticipated increases in sports participation, which is forecasted to rise to 10% by 2034, reflecting a burgeoning interest in sports across the country.