Mahesh Bhupathi-backed online sport store Sports365 has acquired tennis goods retailer Tennishub.in for an undisclosed amount.
The 20-member team of Tennishub will now join Sports365 to exploit the sports market of India.
The sports goods market in India is estimated around Rs 30,000 crore, but its potential for growth is limited by unorganised retail practices.
It is expected that in the next 3-4 years the online market will pick up pace and expand its share.
"The acquisition of Tennishub.in will help Sports365 get closer to realizing its vision of creating a world-class online destination focused on sports and fitness," said Chandra Sekhar, CEO of Sports365.
Sekhar said his Bangalore-based company is the pioneer in the online segment and would retain 15 per cent of the market share.
"Sports365 has set a revenue target of Rs 1,000 crore in the next 5 years. In the last fiscal year 2014-15 the company had revenue of Rs 40 crore," Sekhar said.
Asked about the next series of funding, he said that Sports365 aims to raise $6 million in the next 5-6 weeks.
Earlier, it had raised $1 million from existing investor Powerhouse Ventures and Zolon Ventures.
Sports365 offers a range of sports products, including accessories, footwear and apparel.
The company has also established an institutional business, offering turn-key solutions in terms of sports infrastructure, apparel and infrastructure to corporate, schools, sports clubs and academies.
In another announcement, Sports365launched Runninghub.in, an online store that will cater exclusively to running enthusiasts. The online portal will sell goods of 20 global brands.
The concept of running for fitness has garnered a lot of attraction in recent times, with as many as 24 marathons conducted in a single year.
BW Reporters
The author is Senior Correspondent with BW Businessworld
