Online sports focused education, training and employability company Sporjo has raised $2 Mn in a Pre Series A round led by private investor Punit Balan, chairman Punit Balan Group and Punit Balan Studios, in participation with other private investors.
The company will use the funds for expanding its product offerings, improving product experience, scaling its team, driving expansion in Pan India and in key overseas markets.
Founded in May 2020 by G Srinivvasan, Sporjo offers an assessment tool that allows for participants to decipher a road map based on their skill set and personality, as well as education and training modules led by industry experts across a variety of categories such as digital and social media, data analytics, operations, sports science, coaching etc., to further hone their skills.
Commenting on the investment, G Srinivvasan, founder and CEO, Sporjo, added “While the sports industry is in its infancy in India, the landscape has witnessed a significant transformation in the last decade. With the advent of IPL and other subsequent leagues, the industry has seen a massive shift towards investments in sports. Sports’ lucrative potential is clear with large corporations entering the segment.”
“However, for a market estimated at INR 100 Bn, sports in India contributes 0.1% to the GDP compared to the global average of 0.5%. This indicates tremendous potential for expansion, ” he further added.
According to the company statement, some of the largest hurdles that participants in the sports industry face include a lack of credible sources, information and even basic knowledge on the prospects of the sector. Additionally, skill gaps and an understanding how business in sports works also occupies this list.
As per the same statement, jobs in sports are now projected to grow at a CAGR of 6% by FY24. Given this expected growth, Sporjo is now working towards creating an ecosystem of half a million professionals to support the Indian sports industry by 2030.
Currently, the physical sports industry is a small one without too many large players. Given the low popularity of sports careers in India that Sporjo is trying to solve, not many startups are eager to function in this sector in India.
However, over the past few years, esports has picked up significantly. According to the report “Esports In India: Market Landscape Report, 2020″, the esports sector is projected to grow by 36% CAGR in the next 3 years. This is primarily due to the recent rise in Indian smartphone users during the pandemic. Esports have a huge potential in the Indian market, given that India has the right distribution of consumers and players, thanks to the high youth population. The aggregate revenue of esports startups and companies in India reached $68 Mn in FY2020, as per Inc42 Plus analysis of 36 companies including Jetsynthesys, Nazara Technologies, Usports, Gamerji among others.
Moreover, the announcement of Asian Games 2022 including esports as a medal event for the first time in the history of all such tournaments, is bound to attract more players to this booming sector.