Sporjo Raises $2 Mn In Pre-Series A Funding The platform will be using the funds for expanding its product offerings, improving product experience, scaling its team, driving expansion pan-India and in key overseas markets
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Sporjo--an online education, training, and employability company focused on sports--on Thursday announced that it has raised $2 million in a pre-Series A round led by private investor Punit Balan, chairman Punit Balan Group and Punit Balan Studios, in participation with other private investors.
The company will use the funds for expanding its product offerings, improving product experience, scaling its team, driving expansion pan-India and in key overseas markets.
"While the sports industry is in its infancy in India, the landscape has witnessed a significant transformation in the last decade. With the advent of the Indian premier league (IPL) and other subsequent leagues, the industry has seen a massive shift towards investments in sports. Sports' lucrative potential is clear with large corporations entering the segment. However, for a market estimated at INR 100 billion, Sports India contributes 0.1 per cent to the gross domestic product (GDP) compared to the global average of 0.5 per cent. This indicates tremendous potential for expansion," said G. Srinivvasan, founder and chief executive officer, Sporjo.
Founded in May 2020 by Srinivvasan, a sports industry veteran with more than 20 years of experience, Sporjo claims to be a one-stop destination for building a successful career in the Indian sports industry.
"Challenges exist for both candidates and employers. A lack of credible sources, information, and knowledge is a major hurdle for the candidates. Skill gaps, understanding of the business of sports, and incredible lead times to find the right person all the employers. With jobs in Sports projected to grow at a compound annual growth rate (CAGR) of 6 per cent by financial year (FY)24, addressing this gap between candidate and employer through assessing, training, and eventually placing professionals has been Sporjo's genesis," Srinivvasan added.
Sporjo offers a trademarked assessment tool that allows participants to decipher a road map based on their skill set and personality, as well as education and training modules led by industry experts across a variety of categories such as digital and social media, data and analytics, operations, sports science, coaching, etc., to further hone their skills, the company said.
"What Sporjo is doing for the Indian sports industry is transformative. With the Indian sports market poised for growth, there is an ever-growing need for professionals in the industry. Having backed athletes as well as a few teams over the years, I am acutely aware of the gap that exists in recruiting the right talent. It is also the right time to start educating parents, children, and professionals about the varied careers that exist in the sports industry and providing them with a roadmap backed with an action plan. I am very proud to back innovators like Sporjo that provide that solution while empowering & building a community of sports professionals. I believe in their vision and I look forward to their continued growth and evolution," commented Punit Balan, investor.
"In the journey of a career spanning 31 years, I've had many learnings and one of my greatest understandings has been that having that right group of skilled professionals by your side to aid your success can make all the difference between winning and becoming a champion. The evolution of sports and the refinement of professional athletes over the past few years has created a valid need for skilled professionals that understand the nuances of the industry. Sporjo is a brand that has identified this and is making strides to equip the entire Indian sporting industry. I personally am very excited to be associated with a brand that is working towards creating an ecosystem of excellence right from the grassroots level. Becoming successful isn't random or a matter of luck, it's a mindset and through this association, I hope we are able to aid and create an ecosystem that breeds successful individuals in the field of sports across all mediums," reported Leander Paes, strategic advisor, and brand ambassador.
Based on the tenet of transforming passion into a profession in sports, the company aims to create an ecosystem of half a million professionals to support the Indian sports industry by 2030.
