[Funding alert] Sportstech startup Playo raises $500K as part of its ongoing pre-Series A round
Sportstech startup Playo has raised $500,000 as a part of its ongoing pre-Series A round from ah! Ventures High Tables platform and other angel investors.
This is ah! Ventures’ 18th investment in 2021 and three more investments will be announced shortly.
Headquartered in Bengaluru, Playo is a one-stop platform for sports enthusiasts focusing on building micro-communities and enabling sports/fitness related services targeting urban adult users. With a business model focusing on three Cs- Community, Content and Commerce and 1.5 million users, Playo is today a platform for amateur sports globally.
Amit Kumar, Senior Partner at ah! Ventures, said,
“Sports has traditionally been an incredible, unifying forum for communities to come together. However, with time we have seen people stop playing or people getting stuck with finding players to play the game with or with questions like where to play and how to play. Playo is perfectly addressing all these questions with it’s 3Cs model coupled with the amazing tech platform it has built.”
Currently operational in India, UAE, and Qatar with ongoing pilots in the UK and Australia, Playo claims to have enabled three million relationships amongst users and powered 150,000 monthly sports activities.
With a pre-COVID annualised run rate of $8 million in sales, the startup said it had achieved cash-flow breakeven before being impacted by the pandemic.
Gauravjeet Singh, Founder and CEO of Playo, added, “Sports provides an incomparable opportunity to connect people while also making them fitter in a more engaged way. Playo’s value proposition has resonated with users, not just in Indian metros but also in Tier II/III towns and international markets. More than 10 percent of our active users are outside India and during the course of the pandemic we have seen our presence swell to 35+ cities across India.”