Sports startup KIBI Sports has raised $100,000 in a pre-seed funding round from angel investors such as Saurabh Aggarwal, Arpit Bhardwaj, Vartika Joshi, Suryansh Jain, Pranjal Bansal, Amit Kumar Sahu, Pratibha Rani, and Sushila.
The Bengaluru-based company had previously raised $129K from Lakshmana Padmanabhan and others.
The fresh funds will be used to expand its operations, enhance technology, and scale its platform to reach a broader audience, KIBI Sports said in a press release.
Founded in 2020 by Sagar Rai, KIBI Sports eliminates the hassles of lack of financial support and professional opportunities by creating a platform that empowers athletes and streamlines the sports ecosystem. It aims to create a sustainable sports ecosystem where athletes, brands, and institutions can thrive together. It also aspires to transform the way the sports industry operates by offering scalable and effective solutions.
According to KIBI Sports, it operates through three core revenue channels: a digital marketplace facilitating seamless transactions for sports equipment and merchandise, a platform connecting athletes and institutions with brands for sponsorships, and a streamlined system for sports event registration and booking. The platform builds a comprehensive platform that serves stakeholders across the sports ecosystem, particularly those in Tier-2 and Tier-3 cities, while elevating the visibility of underrepresented sports.
According to market research, the Indian sports industry is projected to reach $100 billion by 2027.
KIBI Sports claims that it has onboarded over 20,000 athletes and 800 sports institutions and secured multiple sponsorship deals.
