Internet-Powered Real-Time Analytics: Str8bat's $3.5 Mn Funding Journey

Internet Technology and Sports Training Innovation

Sportstech startup Str8bat has secured $3.5 Mn (around INR 29.4 Cr) as a part of its Series A funding round led by Exfinity Venture Partners. The round also saw participation from RTL, Eternal Capital and VCats Group, alongside existing investors Techstars and SucSEED Indovation Fund. With this fresh infusion, the Bengaluru-based company seeks to enhance training and performance tracking of athletes, particularly cricketers.

Revolutionizing Performance Tracking

Founded by Gagan Daga, Rahul Nagar and Madhusudan R in 2017, Str8bat claims to have developed a patented sportstech platform that offers athletes real-time data analytics. The startup counts Rajasthan Royals, Cricket Australia and SG Cricket among its clients. Meanwhile, SG Cricket has partnered with Str8bat to roll out the world’s first smart willow.

• The smart willow is a cricket bat equipped with an IoT device.
• Delivers advanced shot tracking without the need for cameras.
• Enables players at all levels to access actionable insights.

“Even a small change in bat angle, for instance, improved an IPL player's bat speed by 21% and impact speed by 27%,” Daga told Inc42. “This technology aims to democratize sports training, making elite-level feedback accessible to all players.”

The primary purpose of this funding round is to facilitate its go-to-market expansion. Currently, the company has its primary market in India with an overseas office in Australia, planning further expansion into the UK, US, and South Africa.

Daga stated, “To build a scalable model, growth must be profitable. We closely monitor our unit economics to ensure we remain gross positive.”

Future Growth and Industry Trends

Str8bat aims to have over a million players on its platform within five years. The platform has already recorded over a couple of million shots, with around 400 elite-level players actively using Str8bat. Following the flourishing sportstech industry, several startups have raised substantial funds in 2023. For example, in June, sports and fitness tech startup Machaxi raised INR 4.8 Cr in a Pre-Series A funding round.

As major OTT platforms like Disney+Hotstar, JioCinema, and Amazon Prime explore expanding their presence in sports streaming, Str8bat stands at the forefront of merging technology and sports in innovative ways.