New Delhi: Mumbai-based health and fitness company KOOH Sports has secured $2.2 million in a fresh follow-on round from its founders and existing investors including Housing Development Finance Corp. Ltd (HDFC), Faering Capital and Elevate Sports, as per a press statement.
The fresh capital will be utilised to pursue international markets expansion, taking new products innovations to market and also to expand its working capital to meet high growth requirements.
The funding will also be used to strengthen its leadership team that includes John Gloster (ex-physiotherapist of Indian cricket team and Rajasthan Royals). The company inducted him recently in a full-time capacity as the chief quality officer and advisor to the board of KOOH Sports. Similarly, the company is looking to broaden the senior management team with operational and technical capabilities.
“As we are scaling up, we need to offer better set of holistic sports education services and sports training solutions that underpins the KOOH Sports platform,” Chirag Patel, CEO, KOOH Sports, said.
Founded by Susir Kumar and Prabhu Srinivasan in 2010, Kooh Sports wants to provide world-class facilities and programmes that are available in developed markets such as the UK, Australia and Dubai in a cost-effective manner.
“We are currently evaluating to buy one or more assets from a carefully curated list of assets in geographies like UK, Australia and Middle East and are also pursing international partnerships particularly in UK and Australia. Armed with new funding our ability to execute and quickly reinforce the India platform becomes that much easier,” Patel added.
“There is a possibility that we may raise significant capital next year to further scale up through international expansion, add new sports specific capabilities and reinforce the product portfolio,” Susir Kumar, founder of KOOH Sports, said.
At present, KOOH sports operates in 180 schools across 50 cities, 80 multi-sport academies in 25 cities with a staff of strength of about 400 people. It is now looking to increase its headcount to 500 plus; total number of academies to 100 and schools to about 200-220.
KOOH had previously raised funding worth $2 million from private equity fund Faering Capital, Tata Consultancy Services Ltd, Elevate Sports and HDFC.