Who founded Smaaash Entertainment?

Smaaash Entertainment was founded in 2009 by Shrinivas Dempo (of the Dempo Group) and is associated with co-founder Vishwanath Shetty. The company gained significant visibility through its association with Indian cricket star Virat Kohli, who served as brand ambassador and also held a stake in the company. The company is headquartered in Mumbai, Maharashtra.

Where does Smaaash operate?

At its peak, Smaaash operated gaming and entertainment centers across major Indian cities including Mumbai, Delhi NCR, Hyderabad, Pune, Chandigarh, Kolkata, and other metro markets. Venues were typically located in premium shopping malls. The number of active venues fluctuated significantly due to financial difficulties and COVID-related closures.

Is Smaaash planning an IPO?

As of available information, Smaaash Entertainment has not announced a confirmed IPO plan. The company has faced financial restructuring challenges that have made an IPO unlikely in the near term. The focus appears to have been on operational revival and resolving financial obligations rather than a public listing.

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Smaaash Entertainment Unlisted Share Price | Buy Smaaash Entertainment Pre-IPO Shares — wisefolio

Investment Thesis

Smaaash Entertainment Private Limited (CIN: U92413MH2009PTC197424) is Mumbai's iconic physical gaming and entertainment chain, founded in 2012 by Shripal Morakhia and formerly associated with Sachin Tendulkar. After financial distress led to NCLT insolvency proceedings, Nazara Technologies acquired full ownership via a ₹126 Cr resolution plan (implemented June 2025). Post-acquisition, the turnaround has been dramatic: FY2025 revenue reached ₹158 Cr (+41%), with EBITDA CAGR of 1,240%. Operating 11 centres across India with bowling, go-karting, arcade, and VR attractions, Smaaash is now a core part of Nazara's gaming ecosystem.

Pros

Revenue ₹158 Cr FY2025, up 41% from ₹112 Cr FY2024 — strong post-NCLT recovery momentum
EBITDA CAGR 1,240% — dramatic operational turnaround under new ownership
Now a Nazara Technologies subsidiary — backed by listed gaming conglomerate with deep pockets
11 entertainment centres nationwide — diversified physical footprint (bowling, go-karting, gaming)
Employees received 100% recovery under NCLT resolution — workforce continuity preserved
Pioneer brand in India's physical gaming/entertainment segment since 2012

Cons

Went through NCLT insolvency proceedings — prior mismanagement/financial distress on record
Secured creditors received only 29.27% recovery — significant value destruction for prior investors
Physical entertainment centers are capital-intensive with high fixed costs and rental exposure
Competition from OTT, mobile gaming, and home entertainment erodes physical gaming center demand
Nazara acquired via IBC at ₹126 Cr — integration and turnaround risks remain

Business Segments

Physical gaming and entertainment centres — bowling alleys, go-karting tracks, arcade games, virtual reality experiences

11 centres across major Indian cities

Ancillary food & beverage, event hosting within entertainment venues

Revenue Model

Smaaash generates revenue through per-game/activity fees, gaming credits sold to customers, corporate event bookings, birthday party packages, food & beverage sales within venues, and rental income from branded experiences. The model relies on high footfall in premium mall locations with significant fixed costs.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds9

Growth Plans

Post-COVID recovery in physical entertainment and experiential leisure sector as consumers resume out-of-home activities

Growing young urban population in India with increasing discretionary spending on experiences

Potential strategic acquisition or restructuring by a larger entertainment or retail group

Industry Tailwinds

Post-COVID recovery in physical entertainment and experiential leisure sector as consumers resume out-of-home activities

Recent Developments

FY2025: Revenue ₹158 Cr (+41% YoY), EBITDA CAGR 1,240% — extraordinary operational turnaround

June 2025: Nazara Technologies completed acquisition via IBC Resolution at ₹126 Cr total resolution value

Monitoring Committee comprising CoC and Nazara representatives constituted to oversee integration

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Wonderla HolidaysListed

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Frequently Asked Questions

Smaaash Entertainment Private Limited operates large-format sports-entertainment and gaming centers across India. Its venues offer a combination of experiences including bowling alleys, go-karting tracks, VR gaming zones, cricket simulators, laser tag, and food & beverage areas. The company pioneered the concept of multi-experience entertainment centers in Indian malls, targeting families and young adults.

Smaaash Entertainment faced significant financial difficulties, particularly after the COVID-19 pandemic forced closures of its gaming venues across India. The company faced insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) with creditors filing claims. Several outlets were shut down due to inability to meet rental and operational obligations. The company struggled with high fixed costs from its large-format venue model.

About Smaaash Entertainment

Smaaash Entertainment Private Limited is one of India's pioneering sports and entertainment center companies, incorporated in 2009 in Mumbai. The company built a chain of large-format, multi-activity entertainment venues combining cricket simulators, bowling alleys, go-karting, virtual reality gaming, and food and beverage offerings under one roof — targeting urban Indian consumers seeking experiential leisure activities. Smaaash was co-founded by former cricketer Sachin Tendulkar and entrepreneur Shripal Morakhia, lending the brand enormous credibility in India's sports-loving consumer market. The brand quickly expanded to malls and premium commercial spaces across Indian cities including Mumbai, Delhi, Hyderabad, Bengaluru, and Chennai, as well as international markets. However, Smaaash faced severe financial distress following heavy debt accumulation and the COVID-19 pandemic's devastating impact on in-venue entertainment businesses. The company's debt exceeded Rs 400 crore, and NCLT commenced insolvency proceedings in May 2022 under India's Insolvency and Bankruptcy Code (IBC). Following a competitive bidding process, Nazara Technologies — India's listed gaming and esports company — was declared the successful resolution applicant. Nazara Technologies acquired Smaaash for Rs 126 crore under the NCLT-approved resolution plan, with the order pronounced on May 7, 2025, and acquisition completed in June 2025. Under Nazara's ownership, Smaaash is being repositioned with emphasis on digital IPs, esports, and revitalized physical venues. Revenue recovered strongly to Rs 158 crore in FY2025 (up from Rs 112 crore in FY2024), reflecting 41% growth as venues reopened and operations stabilized post-resolution.

Key Milestones

2009 — Incorporated as Smaaash Entertainment Private Limited, ROC Mumbai

Common questions about unlisted shares

How do I buy Smaaash Entertainment unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

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