Established over a decade ago, Mumbai-based Smaaash Fun Gateway Arena Pvt. Ltd., which operates 18 centres across India, plans to focus on expansion in tier 2 and tier 3 markets while also keeping the focus on VR-only arcades in the future. The company, which raised almost $6.2 million (details from its LinkedIn profile) in the past, plans to look for new strategic partnerships and sources of investment to support its expansion goals. The company is willing to talk to prospective investors who have similar goals for the entertainment industry, its top executive told Phygital.
Smaaash gaming zones offer a virtual-reality experience and combine sports, music, and dining into an immersive, interactive, and involved entertainment experience driven by cutting-edge technology. "Our goal has been to provide a stimulating atmosphere where people may engage in thrilling activities, foster social contact, and create lifelong memories. So far, the journey has been immensely fulfilling," said Avanish Agarwal, consulting chief marketing officer (CMO), Smaaash. "We've seen rapid expansion and have had the good fortune to continuously modify our products to satisfy our client's shifting needs," he added.
In May 2022, Smaaash was tangled in litigation over a loan default of ₹292.4 crore to Edelweiss Asset Reconstruction Co., which led to several takeover bids, which the company staved off.
Despite this, the company has seen an 18% growth compared to last year, aiming for over 25% growth this year with new centres and an F&B focus.
In an exclusive interaction with Phygital, Avanish Agarwal, consulting Chief Marketing Officer (CMO), Smaaash sheds light on business, plans and more. Edited Excerpts:
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This story is from the April 2024 edition of Images Retail.
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This story is from the April 2024 edition of Images Retail.
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