SportsApp, a platform for the sports community, is planning to raise about $8 million during the next two quarters as a part of Series A fund raising to fuel expansion in India, its CEO said.
“This fundraise will help us to capture about 20% of the current market and enable us to reach to over 70 lakh users with close to over 20 lakh active users for the app,” said Shashank Mishra, CEO, SportsApp.
As a part of expansion, this platform will open doors for two more revenue streams in the next 12 months – monetisation and sponsorship revenue, he added.
Currently active in Delhi-NCR, the app is scheduled to cover Mumbai, Pune, Bengaluru, Chennai and Hyderabad shortly. “Chasing to dominate the current over $1 billion industry, which is expected to hit $3 billion to $5 billion in the next five years, we plan to capture 20% of the overall market in 5 years as we grow,” Mr. Mishra said.