UActive Technology Pvt. Ltd, which runs app-based social networking and discovery platform for sports enthusiasts UACTIV, has raised an undisclosed amount in a seed round led by the Hinduja family.
UActive co-founder Atish Chhabria said the capital will be used to upgrade the technology platform, besides scaling up the sales and support teams. “Nearly 50% of the money will go into tech development, while 30% will be for online and offline marketing,” he said.
Chhabria, however, refused to divulge the name of the other high net worth individual who had participated in the round, or the amount raised.
The company was founded by former Ambit Corporate Finance executive, Chhabria, and Bhavik Mehta, who had a stint with HSBC Securities, in June 2015.
The UACTIV app allows its 3,000-plus active users to connect with communities, games, events, classes and workshops. It is currently operational only in Mumbai.
“We are looking at expanding our operation to New Delhi, Gurugram, Pune, Chennai and Hyderabad by the end of the financial year,” he added.
Earlier in the day, The Economic Times had reported, citing Chhabria, that the Hindujas had taken a stake as the lead investor in the startup’s first round of seed funding in December.
Sports apps picking pace
In January, mobile-based social platform for sports Khel Now had raised $500,000 from Bangkok-based investment firm Indochine International.
In March, New Delhi-based India Sports Flashes Pvt. Ltd, which operates sports content app Sports Flashes, had raised an undisclosed amount in angel funding from Vikas Bajaj, joint managing director, Bajaj Motors Ltd, and Amit Kharbanda, founder, MyBox Technologies Pvt. Ltd.
In September 2016, sports management and marketing company IOT Sporting Aspirations Pvt. Ltd launched a fund to make early-stage investments in sports startups.
Like this report? Sign up for our daily newsletter to get our top reports.
Leave Your Comment
1 year ago
New Delhi-based Time of Sports Solutions Pvt. Ltd, which provides sports...
2 years ago
Rooter, a sports social gaming platform, has raised an undisclosed amount of...
3 months ago
Gurugram-based social gaming platform Cricnwin has raised an undisclosed amount...