Sportstech Startup Machaxi Bags Pre Series A Funding From Inflection Point Ventures, Others

Sports and fitness tech startup Machaxi has raised INR 4.8 Cr in a Pre-Series A funding round led by Inflection Point Ventures, with participation from Curefit cofounder Ankit Nagori.

The Bengaluru-based startup plans to deploy the fresh proceeds for expansion as well as to boost its tech stack and product offerings. 

Founded by Pratish Raj, Tushar Raj and Ashish Anand in 2019, Machaxi claims to transform India into a sports playing nation with technology enabled sports coaching where parents can track kids progress across various technical parameters of the sport.

“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” said Pratish Raj.

As of May, Machaxi claims to have achieved a gross revenue run rate of INR 18 Cr, while maintaining a positive EBITDA.

The startup claims to have more than 50,000 users availing sports facilities month on month across a wide range of sports including badminton, swimming, table tennis, football and cricket.

Machaxi competes against the likes of Playo, Huddle and Khelomore among others.

According to Inc42 data, domestic sportstech startups have collectively raised $139 Mn across 29 funding deals between 2014 and November 2022. 

Earlier this year sportstech startup SportVot raised INR 9.4 Cr (approximately $1.1 Mn) in a Pre-Series A funding round led by Omidyar Network India.

As per a recent report by Tracxn, India is home to 1,549 sportstech startups and Nazara, Healthkart, Dream11, Games24x7 and MPL are among the top sportstech companies in India.