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Mahesh Bhupathi-backed online sports and fitness products start-up Sports365, which has acquired Tennishub.in, wants to be a ₹1,000-crore venture by 2020.
This will be driven by exclusive tie-ups with international sports brands, launching private labels and cultivating strong institutional clients.
The two entities did not disclose the deal size.
The three-year-old start-up Sports365 was founded by Chandra Sekhar Reddy and Aashutosh Chaudhari and has Mahesh Bhupathi as one of the directors. Bhupathi is also one of the brand ambassadors along with Yuvraj Singh, Lara Dutta, and Dipika Pallikal.
It is backed by early stage funds such as Powerhouse Ventures and Zolon Ventures. Tennishub.in has been founded by tennis player Vishnu Vardhan and sports entrepreneur Afroze Khan
Reddy said, “We plan to close this fiscal year with revenues of ₹38 crore and plan to take it up to ₹100 crore by the end of next fiscal year. Sports and fitness goods is one of the fastest growing category in the retail sector and looking at the potential we aim to increase the turnover to ₹1,000 crore.”
Multi-sports destinationHe said the acquisition of Tennishub is in line with the company’s goals to create a multi-sports online destination focused on sports and fitness.
The company is also focusing on the needs of running enthusiasts with the launch of another specialty site called Runninghub.in.
“We will next focus on cycling and outdoor gear products,” Reddy added.
The company is looking to raise $6 million in the next two months, which will be used to scale up the business, aggressive marketing, exclusive tie-ups with international brands to bring them to India, besides launching private labels.
The company will further strengthen its institutional client-base, which includes schools, sports academies and clubs.
“We are in talks with several for exclusive tie-ups and believe we will have at least 15-20 such tie-ups as several international specialist sportsgear brands are looking to come to India,” Reddy said. He said that opening experiential stores at key metros is also on the cards.
“We want to focus on positioning ourselves as the specialists in the segment and help consumers make informed choices,” he added.
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