The Asian Indian Chamber of Commerce (AICC) and Smaaash Entertainment announced at Royal Albert’s Palace, in Fords, NJ, on July 25, that the Indian Cricket Club which was co-founded by Indian cricketers Sachin Tendulkar and Virat Kohli, will soon launch in New Jersey.
The Cricket Club is a world-class sports-centric immersive and interactive entertainment center that offers unmatched range of games covering sports like cricket, football and ten-pin bowling along with a superlative virtual-reality experience.
The Cricket Club already has launched in Germany, London and the Middle East and will need at least Rs. 200 crore for their first project in the U.S.
“We will raise $30 million via equity and debt,” said Shripal Morakhia, co-founder of Smaaash Entertainment.
Morakhia set up Smaaash Entertainment in 2010 with Tendulkar and FW Sports Investment Fund LP, a Mauritius-based private equity fund, which acquired a significant minority stake for about Rs. 100 crore in the company last year.
The company will set up special purpose vehicles in the overseas markets to execute the plans as greater sports centers, focusing on virtual reality gaming.
“Currently, we are developing 24 new soccer games in partnership in partnership with a world-class player. These games will be a combination of real and virtual sports,” Morakhia said.
Smaaash has been operating a 120K square feet gaming and entertainment destination in Mumbai and another one in Gurgaon. There are plans to enter other global destinations by 2020.
After New Jersey, the Cricket Club will open in various other states, including California and Florida.