The funding round saw participation from Curefit cofounder Ankit Nagori. Machaxi reports achieving a gross revenue run rate of INR 18 Cr, maintaining a positive EBITDA. Founded in 2019 by Pratish Raj, Tushar Raj, and Ashish Anand, Machaxi aims to transform India into a sports-playing nation through technology-enabled sports coaching.
Funding Details
Sportstech startup Machaxi has raised INR 4.8 Cr in a Pre-Series A funding round led by Inflection Point Ventures, with participation from Curefit cofounder Ankit Nagori. The Bengaluru-based startup plans to utilize the fresh funds for expansion, enhancing its tech stack, and improving its product offerings.
Mission and Vision
Machaxi aims to transform India into a sports-playing nation with technology-enabled sports coaching, allowing parents to track their children’s progress across various technical parameters.
Founder’s Statement
“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,” said Pratish Raj.
Financial Performance
As of May, Machaxi claims to have achieved a gross revenue run rate of INR 18 Cr, while maintaining a positive EBITDA. The startup claims to have more than 50,000 users availing sports facilities monthly across various sports, including badminton, swimming, table tennis, football, and cricket.
Competition
Machaxi competes with other sportstech startups such as Playo, Huddle, and Khelomore. Domestic sportstech startups have collectively raised $139 Mn across 29 funding deals between 2014 and November 2022. Earlier this year, SportVot raised INR 9.4 Cr (approximately $1.1 Mn) in a Pre-Series A funding round led by Omidyar Network India.
A recent report by Tracxn highlights that India is home to 1,549 sportstech startups, with Nazara, Healthkart, Dream11, Games24x7, and MPL being among the top companies in the sector.
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