FidelisWorld backs India's Smaaash Entertainment

Financial terms of the deal were not disclosed.

Based in Mumbai, Smaaash is 70,000-square-feet entertainment complex that provides simulators for sports such as cricket, football, motor racing. It also has a six-lane bowling alley and an indoor paintball arena.

The business is part-owned by cricketer Sachin Tendulker and backed by Rupert Murdoch-owned entertainment business Star India.

The investment takes Smaaash's total equity capital base of INR1.5 billion ($25.2 million). The company will use the new funds to expand into other cities in India and globally. Fidelis will nominate two executives to Smaaash's board, one of whom will be Fidelis Managing Director Anand Krishnan.

Shripal Morakhia, Smaaash's founder and director, told LiveMint that he intends to open seven centers in India and two overseas during the next 18 months. The overseas locations will be in Dubai and in an unconfirmed location in US.

"The company is uniquely positioned to expand its footprint throughout India and worldwide; its innovative, differentiated, and aspirational offering addresses the bourgeoning demand for active entertainment," said Krishnan in a statement.

This is the second investment from Fidelis' Mauritius-based FW Sports Investment Fund, which is working towards a target of $200 million, having reached a first close of $100 million last October.

In March, Fidelis took a significant minority stake in Technology Frontiers India for around $19.5 million. The company provides a broad range of arena management technology including digital display systems, in-stadia lighting for sports events and concerts and fan-focused smart phone applications.

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• Topics
• South Asia
• Consumer
• Media
• Expansion
• Fidelis World Asset Management
• Media
• Consumer
• Growth capital
• India