Gaming arcade operator Smaaash Entertainment Pvt. Ltd has secured around $14 million from a group of high-net-worth individuals. These individuals are among the clients of Avendus Wealth Management Pvt. Ltd. Though the company didn’t disclose the names of the HNIs who invested in Smaaash.
On the investment, George Mitra, CEO at Avendus Wealth, said:
Sectors where there is growing interest include consumer, healthcare, deep-tech and clean-tech. Beyond financial returns, reasons to invest directly in companies include the desire to understand businesses which can either complement or potentially disrupt the existing businesses owned by HNIs, or in some cases, to diversify from the existing ones.
Launched in 2012, Smaaash is one of India’s gaming and entertainment centres that marries sports, virtual reality, music and dining into an immersive, evolved, interactive and innovative social experience for family, friends and children alike.
Helmed by creative ideator Shripal Morakhia, the company renowned in the field of sports simulation technology and proprietary gamification technologies such as a unique twilight bowling zone, motor racing and bike racing simulators and the go-karting tracks (in Mumbai & Gurgaon).
On the development, Shripal Morakhia, founder of Smaaash Entertainment, said:
The equity raise will accelerate our growth plans to provide world-class sports and immersive experiences in India.
Being a virtual reality led entertainment gaming centre – vastly credited to its in-house research and production capabilities, head mounted displays are used to produce games such as Walk the Plank, Finger Coaster, Cockpit 360 etc.
The company has consistently invested in research and development to develop its gaming properties, and own numerous patents for virtual and augmented reality-based offerings. These include patents of cricket and football. The investment comes close on the heels of consumer-centric investor Sixth Sense Ventures investing in the company.
Smaaash is also backed by cricketer Sachin Tendulkar and sports investment fund FidelisWorld. In May 2014, FidelisWorld had bought a 39% stake in the company for $10.8 million. In August, Smaaash had agreed to acquire multiplex chain PVR Ltd’s bowling joint-venture BluO Entertainment Ltd for $13.5 million in cash.