Machaxi Secures Rs 4.8 Crore in Pre Series A Round Led by Inflection Point Ventures
- ByStartupStory | June 27, 2024
Machaxi, a tech-enabled sports startup, has successfully raised Rs 4.8 crore in a Pre Series A funding round led by Inflection Point Ventures (IPV). This significant investment will be utilized to enhance the company’s technology for user analytics and sports shopping, expand its sports shop vertical, and bolster the Machaxi brand.
The company is committed to revolutionizing the sports landscape in India by providing technology-enabled sports coaching for kids, state-of-the-art facilities for adults to engage in sports in their neighborhoods, and an app that facilitates the purchase of sports equipment.
The founding team of Machaxi includes Pratish Raj, Co-founder and CEO, an MBA graduate from XLRI, Jamshedpur, with experience in product management at Amazon and Tata Administrative Services; Tushar Raj, Co-founder and CTO, a B-Tech graduate from VIT, Vellore, with software development experience at Altair and Nutanix, and also a state-level badminton player; and Ashish Anand, Co-founder and COO, a B-Tech graduate in Computer Science from NIT Allahabad, with a background 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, expressed enthusiasm about the collaboration, stating, “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.”
Pratish Raj, Co-Founder of Machaxi, shared his excitement about the funding round, saying, “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.”
As of May 2024, Machaxi has achieved a gross revenue run rate of Rs 18 crore, maintaining an EBITDA-positive status from the outset. The company’s reach is substantial, with over 50,000 users enjoying Machaxi’s sports facilities monthly. These facilities cater to a wide range of sports, including badminton, swimming, table tennis, football, and cricket, underscoring Machaxi’s capability to cater to diverse sports interests and its strong presence in the sports sector.
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