Hotline: 1800 102 2007
Hotline: 1800 102 2007
Sep, 25 2020

Gaming & entertainment centre SMAAASH shuts operations due to financial crisis

The decision to shut operations came amid continued lockdown, caused by the COVID-19 pandemic, and dwindling footfall in malls.

By Features Writer
Gaming & entertainment centre SMAAASH shuts operations due to financial crisis

SMAAASH, the popular Indian gaming and entertainment centre operator, is shutting down its operations due to the financial crisis. The decision to shut operations came amid continued lockdown, caused by the COVID-19 pandemic, and dwindling footfall in malls.

SMAAASH, which had Sachin Tendulkar as its brand ambassador, was struggling to stay afloat for the last few months; therefore, it took the call for closure. The company used to be a popular hangout for urban teens and tweens before coronavirus lockdowns.

The firm has sent emails to malls and employees about the closure.

Shripal Morakhia, Founder of SMAAASH, said in an email to its employees, “I am sorry that despite my best efforts I have failed in my efforts to save the company from its premature death.”

“The investors had given the company their word to support the company but it ultimately did not result in capital infusion leading to the collapse of the Mumbai-based company. But when it came to actual funding, it just did not materialize. I am saddened that a dream called Smaaash had to end in this manner,” he added.

Journey of SMAAASH

SMAAASH was started with an 80,000 sq ft gaming zone in Mumbai in 2012. The company managed to operate in more than 40 locations across 19 cities in India.

SMAAASH offered entertainment, sports like cricket, football, go-karting, bowling, and also virtual games with arcade games in 19 cities across India and one in Jeddah, Saudi Arabia.

In January, SMAAASH announced that its revenue for the calendar year 2019 had increased by 22% to Rs 300 crore. The company claimed that it has received five million footfalls to its dozens of centres. It was further hoping to grow its traffic by another 10% in 2020, however, the pandemic led to its collapse.

The gaming and entertainment centre operator has investors including Sixth Sense Ventures, Mauritius-based private equity, and some high net worth individuals. In 2017, the Mumbai-based gaming company received funding from another PE firm Fidelis World.

sharebtn
Comment
user
email
mobile
address
star
Related opportunities
  • Quick Service Restaurants
    About Us: Veg Bites Indias most loved QSR Café chain brings a..
    Locations looking for expansion Madhya pradesh
    Establishment year 2017
    Franchising Launch Date 2019
    Investment size Rs. 10lac - 20lac
    Space required 250
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Indore Madhya pradesh
  • Fine Dine Restaurants
    About Us: We are an authentic pan Asian restaurant having the..
    Locations looking for expansion Delhi
    Establishment year 2019
    Franchising Launch Date 2020
    Investment size Rs. 10lac - 20lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Fashion Accessories - Women
    ClearDekho is India’s leading budget eyewear brand. ·     &nb..
    Locations looking for expansion Haryana
    Establishment year 2016
    Franchising Launch Date 2017
    Investment size Rs. 10lac - 20lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Gurgaon Haryana
  • Quick Service Restaurants
    About Us: Kev’s Café is a renowned brand established in 2001..
    Locations looking for expansion Delhi
    Establishment year 2011
    Franchising Launch Date 2015
    Investment size Rs. 10lac - 20lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities