After new investments, Smaaash Entertainment would be valued at over $100 million
Smaaash Entertainment, a sports-based virtual entertainment company co-owned by Sachin Tendulkar, raised Rs 25 crore from consumer-companies focused firm Sixth Sense Ventures.
The investment from Nikhil Vora's firm, who is also a former IDFC Securities star equity analyst, came under Smaaash's initiative to raise larger funds, which is expected to complete in coming few weeks.
Citing sources, a report in the Economic Times stated that after the new investments, Smaaash Entertainment would be valued at over $100 million.
Earlier this year, PVR exited its 51% stake in the bowling and entertainment format operated under the brand bluO. Its joint venture partner Major Cineplex Group of Thailand also divested its 49% in bluO giving 100% control to Smaaash Entertainment Pvt Ltd (Smaaash), which acquired bluO inment in an all cash deal.
While financial details of this transaction were not disclosed, the multiplex chain operator was already entered into definitive agreements with Smaaash for this takeover. After the conclusion, Smaaash had double the area under its management from 276,000 square feet to approximately around 600,000 square feet in India.
Ajay Bijli, chairman and managing director, PVR Ltd, said the sale of bluO is in line with the company's strategy to divest all non-core assets and focus on core cinema exhibition business. “It is also reflective of the value embedded in our core assets and demonstrates our commitment to increase shareholder value and provide management a more focused approach for enhancing value in exhibition business,” Bijli said in a statement.
A leader in retail and entertainment space in India and the US, Smaaash added with this acquisition, six centres (approximately 210,000 sq ft of premium space) across five cities to its existing blueprint of seven centres in India and one in Minneapolis in the United States.
The newly acquired centres are operating under Smaaash branding and two more centres are expected to open shortly.
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 "Sachin Tendulkar's Smaash Entertainment raises Rs 25 crore")
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