Machaxi, a burgeoning sports and fitness tech startup based in Bengaluru, has successfully raised INR 4.8 Cr in a Pre-Series A funding round led by Inflection Point Ventures (IPV), with additional participation from Curefit cofounder Ankit Nagori. This funding infusion is set to propel Machaxi’s expansion plans and enhance its technological capabilities and product offerings.
Transforming India’s Sporting Landscape
Founded in 2019 by Pratish Raj, Tushar Raj, and Ashish Anand, Machaxi aims to revolutionize sports coaching in India through technology-enabled solutions. The startup focuses on empowering parents to monitor their children’s progress across various technical parameters of different sports, thereby fostering a culture of active sports participation nationwide.
Strategic Partnership with Inflection Point Ventures
Expressing enthusiasm about the partnership with IPV, Pratish Raj emphasized its pivotal role in accelerating Machaxi’s growth trajectory. He highlighted that the collaboration will not only bolster their service offerings but also facilitate geographical expansion, aligning with their mission to promote sports as an integral part of India’s lifestyle.
Milestones and Market Reach
As of May, Machaxi boasts a significant achievement with a gross revenue run rate of INR 18 Cr, coupled with maintaining a positive EBITDA. The startup currently caters to over 50,000 users who actively engage in various sports activities such as badminton, swimming, table tennis, football, and cricket on a monthly basis.
Competitive Landscape and Future Prospects
Machaxi competes in the vibrant sportstech sector alongside prominent players like Playo, Huddle, and Khelomore. According to Inc42 data, domestic sportstech startups have collectively raised $139 Mn across 29 funding deals, underscoring the sector’s growing investor interest and market potential.
Earlier this year, SportVot, another sportstech startup, secured INR 9.4 Cr in a Pre-Series A funding round, reflecting the robust investor confidence in India’s burgeoning sportstech ecosystem. The country currently hosts 1,549 sportstech startups, with notable names like Nazara, Healthkart, Dream11, Games24x7, and MPL leading the industry, according to a recent report by Tracxn.