SUMMARY
- Str8bat raised $3.5M in Series A, led by Exfinity Venture Partners, for global expansion.
- Developed a patented platform providing real-time data analytics, targeting cricket markets in India and beyond.
- Launching “smart willow” cricket bat with IoT, enabling advanced shot tracking without cameras.
Sports-tech startup Str8bat has raised $3.5 million (nearly ₹29.4 crore) in its Series A funding round led by Exfinity Venture Partners. With the fresh funding, the Sports-Tech startup hopes to improve athlete training and performance tracking, especially for cricket players.
Along with current investors Techstars and SucSEED Indovation Fund, RTL, Eternal Capital, and VCats Group also participated in the round.
The Gagan Daga, Rahul Nagar and Madhusudhan R-led Str8bat claims to have created a patented platform that provides athletes with real-time data analytics. Among its clientele are SG Cricket, Rajasthan Royals, and Cricket Australia. At the moment, the company operates an international office in Australia and its core market is in India. The firm also intends to increase its presence in South Africa, the US, and the UK.
Meanwhile, SG Cricket and Str8bat are launching the “world’s first smart willow.” To put advanced shot tracking without the need for cameras in front of your eyes, meet “the smart willow,” a cricket bat equipped with an IoT gadget. All skill levels of gamers can obtain performance advice and actionable insights thanks to it.
Daga told In42, “Even a small change in bat angle, for instance, improved an IPL player’s bat speed by 21% and impact speed by 27%. This technology, the first of its kind, aims to democratize sports training, making elite-level feedback accessible to all players. The primary purpose of this funding round is to facilitate our go-to-market expansion.” He further added, “We firmly believe that to build a scalable model, growth must be profitable. We closely monitor our unit economics to ensure we remain gross positive.”
Daga further projected that, during the next five years, 45–50% of the company’s revenue will come from international markets, with the remaining portion coming from India. In five years, Str8bat hopes to have over a million users on its network. As per Daga, over a million shots have already been recorded on the site, and 400 professional players are presently utilizing Str8bat.
For the financial year ending on 31 March 2022, Str8bat Sport Tech Solutions Private Limited reported a revenue of under ₹1 crore. The company’s net worth declined by 57.68%, while EBITDA increased by 99.11%. Their total assets decreased by 33.27% while liabilities rose by 69.19%.
