Jatin Paranjape's SportsTech startup secures $2mn in latest funding round

Former Indian cricketer Jatin Paranjape delved into entrepreneurship with KheloMore, a SportsTech startup that aims at providing coaching services through cricket academies across India. The company also has a digital model to help the budding cricketers fine tune their skills and cricketing abilities.

Now in a latest turn of events, KheloMore has raised $2 million in a recent Pre-Series A round. The funding round was led by Clear Bridge Ventures LLP through its designated partner Rajdip Gupta. Ashwin Damera, CEO of Euriditus Education Foundation, also contributed in the round, who previously has also invested in the company through Damera Ventures, a family office which also includes his wife Bhagyashree.

According to revelations made by Paranjape, who has been a former selector with the India Men's Senior team, alongside co-founder Ujwal Deole, the recently secured funds will be allocated in establishing cricket academies to newer cities. Delhi, Ahmedabad, and Rajkot are the frontrunners for the proposed expansion.

“This funding round validates our vision and allows us to improve access to sports at the grassroots level,” Paranjape and Deole jointly added as quoted by Inc42.

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Paranjape's startup currently operates in Mumbai, Pune, Hyderabad, and Bengaluru

Deole, who himself has played pickleball, has helped in the company's tie-up with All India Pickleball Association. Cricket Victoria and Urbansports are among the other known partners of the company. The company has also forayed into the recent fad of offering AI-powered coaching and analysis to athletes using its services.

Currently, the company has its academies spread across major cities like Mumbai, Pune, Hyderabad, and Bengaluru. KheloMore also claims to have more than 1,500 coaches onboard and half a million users.

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This, however, was not the first funding secured by KheloMore. Back in November 2022, Damera Ventures, as aforementioned, had added $2 million through a seed funding round. To add context, a seed funding round is the one where the initial investment is made in a company, when the idea is formally incorporated into a venture.