Tennishub.in, The Online Tennis Store Acquired by Sports365.The online sports and fitness equipment store Sports365 has acquired the online tennis store Tennishub.in in a stock deal.Bengaluru | Red Newswire | Nov 28, 2015 05:37 PM IST.
Chandra Sekhar Reddy, CEO of Sports365 said, “The aim is to specialise in different verticals and cater to the specific set of audience in a more customized manner.”
Tennishub was founded by Olympics tennis player Vishnu Vardhan and Afroze Khan who is a sports entrepreneur. The Tennishub team will be joining Sports365. The team presently has 18 members.
The Pulse Sport backed Sports365 has launched another portal called Runninghub.in for the running enthusiasts. The company also aims at launching new portals for different segments in next 3 months including outdoor products and cycling.
The new portal Runninghub.in will provide a range of running shoes, gear, apparel and nutrition products. People will also be able to interact with the experts in real time.
Last year Powerhouse Ventures and Zolon Ventures, the US-based venture capital invested $1.5 million in Sports365 last year. The company is expected to raise another $6 million in the coming two months. The investors will be mostly related to the sports business. However, the company declined to disclose the names. It is more likely that the existing investors will also participate.
$4-5 million of this investment will be spent for product development, expansion as well as marketing. Currently the company only sells apparel & accessories. Now it is looking to expand to 3 more categories one of which is fitness. Sekhar said, “There is a lack of brand availability in India which gives enough scope for us to launch and establish our brands.”
Sports365 sells around 25,000 products per month and makes about 35-40% margin on its products. The average ticket size is Rs. 1600-1700. Further it also has B2B channels and supplies to sports clubs, schools and colleges like a sports retailer. Sekhar said, “Twenty percent of our overall revenue comes from bulk buying.”
The company generated revenue of Rs. 14.5 crore this year and aims to make Rs. 40 crore the next year. The stakeholders in the company include Lara Dutta, Mahesh Bhupati and Yuvraj Singh. Although there are not many sports retailers in the country, Sports365 faces competition with Flipkart and Snapdeal.