MUMBAI: Sports marketing firm Baseline Ventures, which manages sports stars like PV Sindhu, Ravindra Jadeja, Prithvi Shaw, Kidambi Srikanth and Smriti Mandhana, is in talks with investors to raise Rs 20-25 crore in a fresh round of funding.
The company had crossed Rs 100 crore in billings in 2017 and recently raised fresh equity of $1 million (about Rs 6.3 crore) in private placement from a Singapore investor at a valuation of $25 million (over Rs 150 crore).
“We are in final leg of raising funds for our next phase of growth,” Tuhin Mishra, managing director at Baseline Ventures, told ET. “In 2017, our billing has grown by almost 45% to cross Rs 100-crore mark on the back of some blue chip clients, including the ATP and the FIFA U-17 World Cup.”
Incidentally, Baseline had raised the entire sponsorship money for U-17 FIFA World Cup, roping in all six national supporters for the first ever FIFA event in India last year. The company also worked closely with the Chennai Super Kings, global tennis body ATP and the Bear Gryll Survival Academy.
It is also the exclusive licensee of Liverpool Football Club in India, Sri Lanka and Bangladesh.
“While we have a very strong offering in popular sports like cricket and badminton, we have also made a conscious attempt to have a significant presence in more niche sports,” said Mishra, who needs funds for launch of a new sporting league with a major national sports association.
Baseline was launched at the end of 2014 by Mishra, Vipin Nair, Ramakrishnan R, VishalJaison and Raman Grover with $3 million backing from a US venture capital firm.
SOURCE: ECONOMIC TIMES