GolfLan Technology raises $1 million from iSON, YourNest
GolfLan will use the funds to expand in overseas market
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New Delhi: GolfLan Technology Solutions Pvt. Ltd., which owns and operates an online golf community and marketplace, said on Thursday that it had raised $1 million from iSON, an Africa-based information technology group, and existing investor YourNest angel fund.
GolfLan will use the funds to expand in overseas market such as Africa, Middle East, Malaysia, Singapore, Indonesia, Thailand and Vietnam.
The company had previously also raised $1 million in 2015 from YourNest and multiple angel investors.
Founded in 2013 by Dhruv Verma, GolfLan claims to have aggregated over 1,000 golf courses across 40 countries where golfers can make bookings from its platform to play golf as well as discover golf equipment and trainers. In the last five years, the company has grown to 20,000 users and seen a 400% increase in revenue in the last 18 months.
“In the last 4 years, the number of golf enthusiasts in India has sharply gone up, with about 200,000 people teeing today (playing golf) compared to 30,000 in 2010. The potential for growth is exponential, with just 300 golf courses across the country compared to more than 15,000 in the US. Out of these 300, over 50 have been built in just the last 5 years with around 60% having been built in Tier 1 and 2 towns, highlighting the rapid growth that the sport is witnessing as well as the diverse backgrounds from which the new players are emerging.” said the company in a statement.
This year in July, GolfLan acquired Dubai-based golf technology company, StayPrime, in a $1 million deal.
“As more players aspire to learn and play golf, we are witnessing a proliferation of golf courses across countries in the Middle East, South East Asia and Africa, apart from India, signalling a dizzying growth for the sport. This sparked the need for an aggregation platform that brings all stakeholders under one roof and thus GolfLan came about. Our growth in the last 3 years validates this”, said Verma.