Description
Problem
Since the inception of sports, there has been a lack of instant & objective feedback mechanisms for athletes. Current, expensive and setup-extensive camera-based technology is designed for broadcasting rather than focusing on Athlete Performance. This technology is also not portable and requires extensive domain knowledge and the use of complicated pieces of equipment in order to generate any kind of insightful data.
Solution
Str8bat solves these issues using a sensor with globally patented IoT + AI + Motion Capture & Analysis technology which can be used by anyone, at any time & anywhere. The str8bat cricket bat sensor is a lightweight, pocket-sized motion sensor that gives the consumer instant, visual and actionable insights into their batting. It provides features like 360-degree 3D replays of cricket shots, wagon wheel, bat lift angle, sweet spot percentage, timing index and much more. They’re able to provide this data using indigenous & patent protected developed technology which is able to capture any motion without the use of cameras, a service that no other company is able to provide currently.
Market Opportunity
Sports Analytics is a multi-billion dollar industry and cricket is the second largest participation sport in it. 300M+ players across 130 countries is the size of the total addressable market in cricket alone with 25% of it being the serviceable addressable market at 75M. The target market share for str8bat in the next 5 years is 3-4 Million paid players with an increasing Market opportunity as they expand to different sports like golf, tennis & baseball.
Following are a few highlights of Str8bat:
- Str8bat operates as a membership service (Monthly charge of INR 99/ AUD8/ UK6), enabled by a physical product costing INR 2,999 | AUS – AUD89 | UK -69 per sensor.
- They have over 3000+ Customers & 100+ Coaches in over 350 Cities in India , Australia and South Africa with Marquee customers like Rajasthan Royals & Cricket Australia.
- Strategic partnership/investment by Cricket Australia, one of the largest cricketing bodies in the world will help them expand aggressively into new & existing geographies.
- Str8bat is backed by a Silicon Valley based VC called Techstars. Their accelerator portfolio includes more than 1,000 companies with a market cap of $8.1 billion.
- They closed FY21-22 at INR 57.8L and have achieved Current Revenues (till Sep 22) of INR 82L with 2900 units sold this year.
- Each Str8bat sensor has the potential to yield at least 5x-10x more platform subscribers as Str8bat tech aims to expand to different sports like golf, tennis & baseball.
About the Founders
Gagan Daga-Co-Founder & CEO – An INSEAD Alumnus with over 17 years of technology industry experience including product management & development, sales, management consulting.
Rahul Nagar–Co-Founder & COO– Ex. IBM with 20+ years of technology industry experience and an Alumni Leader of The George Washington University, Washington DC. He is also an endurance athlete and proponent of tech in sports.
Details of the round
The company is looking to raise INR 8Cr (commitments of INR 5.3 Cr received already) with a Pre-Money Valuation floor of INR 65.8Cr and a cap of INR 98.8 Cr.
The investment opportunity is open to Lead Angels Fund members only with a ticket of INR 5 Lakhs*. In case commitments exceed the allocated amount, allotment will be on a “First Come, First Serve” basis.
