Sports Tech startup Machaxi raises INR 4.8 Crore in Pre Series A Round led by Inflection Point Ventures

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L-R Pratish Raj, Co-founder & CEO, Ashish Anand, Co-founder & COO,Tushar Raj, Co-founder & CTO, Machaxi
  • Machaxi delivers technology-driven sports coaching for kids, provides cutting-edge facilities for adults at Machaxi sports centers, and facilitates sports equipment shopping via the Machaxi app.
  • The funds will be allocated to advancing user analytics technology, expanding the sports shop division, and strengthening the Machaxi brand.
  • Machaxi has consistently maintained profitability, achieving EBITDA-positive status from inception.
  • Inflection Point Ventures has invested more than INR 720 Crore in over 200 startups to date.

Bangalore, 27th June 2024 – Machaxi, a tech-enabled sports startup, has secured INR 4.8 Crore in a Pre Series A Round led by Inflection Point Ventures. The funds will be allocated towards enhancing technology for user analytics and sports shopping, expanding the sports shop vertical, and building the Machaxi brand.

Machaxi offers technology-enabled sports coaching for kids, state-of-the-art facilities for adults to play sports in their neighborhoods, and an app for users to shop for sports equipment. The company aims to make sports accessible and enjoyable for all ages, promoting a healthier and more active lifestyle across the country.

Pratish Raj, co-founder and CEO, is an MBA graduate from XLRI, Jamshedpur, with experience in product management at Amazon and Tata Administrative Services. Tushar Raj, co-founder and CTO, is a B-Tech graduate from VIT, Vellore, and has worked as a software developer at Altair and Nutanix, in addition to being a state-level badminton player. Ashish Anand, co-founder and COO, holds a B-Tech in Computer Science from NIT Allahabad and has experience in software development at Altair. Together, they are dedicated to transforming India into a sports-playing nation through Machaxi.

Ivy Chin, Partner at Inflection Point Ventures, states, “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 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 neighborhood 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 fueled by anticipated increases in sports participation, which is forecasted to rise to 10% by 2034, reflecting a burgeoning interest in sports across the country.