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FW Sports Investment Fund LP (FSIF), a Mauritius-based private equity fund, has acquired a significant minority stake in Mumbai-based Smaaash Entertainment Pvt. Ltd. (SMAAASH). This is the first round of private equity funding into the company.
SMAAASH's first such sports-based entertainment centre was started in 2012 in Mumbai. The centre is home to different sports such as cricket, football and racing. The Company is promoted by serial entrepreneur Shripal Morakhia, who had earlier founded SSKI & ShareKhan.
Sachin Tendulkar and STAR India are also associated with this unique venture from its inception.
"Our plan is to open multiple centres across India and globally over the next couple of years, and FSIF’s involvement will help us immensely with our global plans”, said Shripal Morakhia, Founder-Director of SMAAASH.
Sachin Tendulkar, who is a strategic investor in SMAAASH, said, "The advanced simulators at SMAAASH are fascinating and are very close to real life experience. Sporting enthusiasts can leverage the technology at SMAAASH to harness their skills and gain experience of challenges faced on the field. ”
Ajay Shah, Partner at EY India who led the transaction, said, “The Indian sports-based entertainment industry has grown rapidly over the last few years, driven by an increase in discretionary spending ability of the consumer."
