Parth Jindal invests in PadelPark India to boost padel sports
PadelPark India, the country's leading platform for the sport of padel, has raised an undisclosed amount from a clutch of investors, including Parth Jindal. The founder of JSW Sports and Inspire Institute of Sport (IIS), Jindal led this new funding round. Padel, a racquet sport that originated in Mexico, has seen a surge in popularity globally over recent years. The number of courts worldwide has risen from around 10,000 in 2016 to over 50,000 this year.
Global padel industry's rapid expansion and future prospects
The global padel industry is currently worth over $2.2 billion, with more than 25 million players across over 110 countries. It is projected to grow at an annual rate of 22%, reaching a value of $6.6 billion by 2026. This rapid expansion is attributed to factors such as increased interest in sports, the appeal of trying new activities, endorsements from high-profile individuals, and a rise in international events.
Padel's potential in India's sports market
With 23% of India's population regularly participating in sports, the country presents a significant market opportunity for padel with an estimated 232 million potential players. Jindal expressed his enthusiasm about the investment in PadelPark India, stating that it aligns with his vision of transforming India into a sporting nation. He also predicted that padel will become an Olympic sport in the future and is eager to work with PadelPark team to increase its popularity in India.
PadelPark India currently operates 11 padel courts in Mumbai
PadelPark India, based in Mumbai, has been self-funded since its inception in 2020. It was founded by Ronak Daftary, Jigar Doshi, Nikhil Sachdev, and Pratik Doshi. The company is developing padel infrastructure in India and Asia through strategic partnerships with Sky Padel, a prominent Spanish firm. It currently operates 11 padel courts in Mumbai and has built over 22 courts for sports clubs, hotels, resorts, and corporations.
Utilization of new funds and future projects
PadelPark India will use the newly secured funds to expand the infrastructure and improve its services. The start-up has ambitious plans for the near future, including building 40 padel courts in the next three months, establishing 15 padel centers/clubs in the next 60 days, and training 250 individuals starting next month. These initiatives are part of a broader strategy to promote padel across India.
