Noida-based Sports discovery app Sportido secures its second round of funding led by Inflection Point Ventures and SucSEED Venture Partners
Sportido, a sports discovery platform, seeks to solve the problem of majority of India’s urban adult population who want to play a sport but find it hard to gather people or lack access to good sports facilities. Sportido helps its users connect with like-minded people nearby and book venues online to play their sport. The start-up also provides its partner-venues with a facility management app (called ‘Charge by Sportido’) that enables them to track bookings and manage their customers and inventory.
Founded by Neeraj Aggarwala (who had previously co-founded Easypolicy) and Akhil Ramachandran, Sportido aims to grow the ecosystem for sports and fitness enthusiasts. According to Neeraj, “The entire ecosystem is growing rapidly to cater to the increasing demand for Sports and Fitness. We have witnessed a 7x growth in the number of Sports facilities in just the last 3 years and Sportido’s platform helps us sit in the driver’s seat of this ecosystem.”
Since its previous fundraise in Oct 2018, Sportido has grown to 5 cities and their monthly sales have grown over 30x. Akhil Ramachandran mentions that “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.” On funding from IP Ventures Neeraj says, “This new round of investment will help Sportido in product enhancement and expanding to new cities.”
IP Ventures angel investor Mayank Jain, speaking on his investment in the start-up said, “Sportido is doing an amazing job in making these facilities accessible and developing the ecosystem so that it’s easy for common people to pursue sports. Sports is necessary for physical and mental fitness and a must for society as a whole.” Further, upon his experience with IP Ventures he expressed, “IPV has been a great learning experience for me. I’m impressed by the professionalism and approach in identifying, selecting and mentoring start-ups.”
A combination of social networking and service-aggregation, Sportido helps its users discover places to play any sport with like-minded people around them, explore new sports, participate in events, and even find deals on clubs and gyms nearby.
The app also enables its users to create their own event and invite participation from other users nearby who are interested in the same sport. The Company’s mission is to inspire healthier and happier communities by helping them rediscover the joy of Sport.
IP Ventures was founded in 2017 by a group of accomplished CXOs who come with rich experience in the start-up ecosystem, either as co-founders themselves or by leading their organizations through various stages of funding. Their expertise lies not only in financial aspects such as private equity and venture capital but also in business strategy, expansion and risk mitigation.