Sports education startup KOOH Sports has raised $2 million in funding round D from its existing investors which include TCS, HDFC, Faering Capital and they will share a 70 per cent stake in the startup.The round also saw participation from Mumbai-based sports promotion service, Elevate Sports, which will now have a 5% stake in the company.
“This round was a critical round since we needed to prove our business model is right. We are close to break-even and are confident of becoming profitable by 2016,” said Chirag Patel, CEO of KOOH. Before KOOH, Patel was Head of Strategy and Mergers and Acquisitions at Serco.
The company plans to use the funds to enhance self defence programmes in association with the Taekwondo Federation of India. This initiative will target women across schools, corporate and communities. Besides, it will be opening more basketball academies and launching swimming training for kids and new fitness testing platform called Focus score.
KOOH, which stands for kids-out-of-home, was started by Intelenet’s founders, Susir Kumar and Prabhu Srinivasan, in 2010 to get students 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.
“TCS has always been keen on the nation’s health and fitness outcomes particularly of our young population. We felt that by investing in KOOH Sports, it will not only fit our strategy of health and fitness but it will also create new opportunities to support the youth of our nation to nurture and develop their talent. In a short period of time we believe KOOH Sports has made significant impact and we continue to support their endeavour,” said Girish Ramachandran, President Asia-Pacific, TCS.
According to existing investor, Girish , 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.
Over their three years in operation, KOOH has tied up with more than 150 schools across 35 cities and has over 2 lakh students enrolled in their programmes.