Sachin Tendulkar backed virtual reality gaming and entertainment company Smaaash has reportedly raised $3.8 Mn (INR 25 Cr) from Mumbai-based consumer-centric VC firm, Sixth Sense Ventures.
According to sources, the latest fundraise by Smaaash is part of a larger round, which is slated to take place in the coming weeks. Depending on the final round size, the gaming startup’s post-money valuation is expected to reach over $100 Mn.
With the newly-secured investment, Smaaash is aiming to strengthen its physical presence in domestic as well as international markets. A portion of the financing will also be spent on making its augmented reality technology ready for the booming online gaming market.
As per its RoC filings, the gaming startup also recently picked up $6.6 Mn (INR 43 Cr) from a clutch of undisclosed high net-worth investors (HNIs).
Commenting on the latest funding round, Sixth Sense Ventures founder and CEO Nikhil Vora said, “In city entertainment, (this is) almost non-existent and unlike theme parks, which are once-in-a-year visits, these can be visited by consumers every week. It can be about gaming and dining, and we believe first movers in this space can become anchor tenants of properties like Big Bazaar did for malls.”
Started in 2014 by Nikhil Vora, who previously served as the Managing Director and Head Of Research at IDFC Securities, Sixth Sense Ventures is a VC firm that primarily backs consumer companies across various stages of growth. The funding round in Smaaash marks the tenth and final investment of the firm’s debut fund.