Sports startup KOOH, raises $2 million in series D funding.
Sports education startup KOOH Sports has raised a fresh round of $2 million in funding including the existing investors, TCS, HDFC, and private equityfund Faering Capital. The round also saw participation from Mumbai-based sports promotion service Elevate Sports, which will now have a 5 per cent stake in the company. The other three investors will share a 70 per cent stake in KOOH Sports.
"The funding round is being used to help us break even, we will be introducing new initiatives from basketball for girls that will come through our association with Elevate Sports to launching a fitness testing platform called Focus score," said Chirag Patel, CEO of KOOH Sports. Krishnan Muthukumar, founder of Elevate Sports, claims he invested in the sports education startup, since he believes the partnership will enable basketball to gain a pan India platform, beginning at the grass root level. The startup has seen an increasing number of girls in India opting for basketball lessons. According to existing investor, Girish Ramachandran, president of Asia Pacific at TCS, the funds will create new opportunities to support, nurture and develop sports talent for the youth in India, with a special emphasis on the girl child. KOOH, which stands for kids-out-of-home was started by Intelenet's founders, Susir Kumar and Prabhu Srinivasan in 2010. The startup's aim was to get students to become more active through in school and professional sports training programmes. The company claims to have provided sports education services to 1,20,000 kids across the country.