X1 Racing League proposes to invest Rs 100 crore over the next three years
The brainchild of India’s top international car racers Armaan Ebrahim and Aditya Patel, the X1 Racing League is scheduled to be held in the first quarter of 2019.
A consortium of the Rattha Group from Chennai, Mumbai based White Unicorn Ventures, AngelList India LLP from Delhi, Jitendra Gupta of PayU and ex-founder of FreeCharge Kunal Shah, have come together to invest in the recently launched Xtreme1 Racing League or X1 Racing League with a long-term vision in mind and for the promotion of motorsports in the county.
The brainchild of India’s top international car racers Armaan Ebrahim and Aditya Patel, the X1 Racing League is scheduled to be held in the first quarter of 2019. The race will be a mix of track and street circuits and will see eight (8) city-based franchise teams, each comprising of 2 custom-made cars and 4 drivers.
Institutional investors like the Rattha Group, White Unicorn and AngelList have taken a long position on the League giving the founders freedom to invest in R&D including developing electric engines and hi-tech integrations, and assets like cars, engines, safety equipment and circuit infrastructure.
All the investors believe that the X1 Racing League is well-positioned with a made-for-TV and made-in-India product, that is capturing audiences across all age groups and gender. It is also a good mix of the traditional sports league along with the new-age technological inclusions, right from broadcasting the live content to the distribution of the content.
Talking about the association Utsav Somani of AngelList India said, “We are extremely excited to be supporting entrepreneurs who are passionate and dedicated to their particular art. For X1 Racing League, we got the best minds of the technology and business world to come invest together. Top angels like Kunal Shah and Jatin Aneja were part of this raise and will help open up doors for the success of the league. Unlike many early-stage investments, the X1 Racing League represents sound fundamentals and strong entry-barriers which made the decision straightforward.”
Rohit Chokhani – Principal Founder, White Unicorn Ventures added, “Motorsports has been in India for six decades, there has been considerable investment although this investment is majorly in international racing events. This League will create a weekend event for the host city, making it a proposition for global companies to position themselves to reach and engage with audience at a mass level, which has never been created before. The League is well-positioned for a global reach and make India a favorite destination for motorsports. With the growing interest in sports media properties across the world, and the ability to reach a large audience in India, we believe live content and IP rights will have exponential growth value and opportunities.”
Involvement of individuals like Jitendra Gupta and Kunal Shah offer access to capital that haven’t been tapped yet for sports and entertainment content, and to the tech ecosystem which is ripe for disruption with regards to sports advertisements and fan-engagement. This investment from a very strategic group of people has given the League the dynamism for growth.
"X1 Racing League is well-positioned for high-growth and scale. The long-term success will hinge on the broadcast rights and distribution platforms, and the reach but we’re confident with the innovations in product, packaging and the marketing strategy that has been mapped out, the media valuations would show right after the first edition. With the penetration of sports at an all-time high and the high spends in sports media, I'm excited where this can go. I look forward to helping the founders and the management establish, grow and scale the league," said Kunal Shah – Indian Entrepreneur, Founder and former CEO of FreeCharge.
“X1 represents a good mix of the traditional sports league along with the new-age technological inclusions. The target group that is being addressed is the fastest growing audience and capturing them through innovative game format and engaging them creates a very holistic ecosystem to scale and monetize”, added Jitendra Gupta of PayU.
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