CCL looking to raise Funds for its expansion into New Celebrity Formats.
Sachiin Joshi who has business interests in Hospitality, Real Estate and Media is now keen to acquire stake in Celebrity Cricket League (CCL).
CCL is the second most popular league in India after IPL which is now in its fifth season. Source close to the company reveals that Sachiin Joshi has been the title sponsor of CCL promoting his brands like XXX Energy Drink over the last two years and is very excited with the reach CCL has delivered to his brands and now is looking at investing in CCL in the next round of fund raising that CCL is working on.
Over the last four seasons CCL has been growing year on year in its popularity and reach. Over the years CCL has garnered pan india reach and it's regional strength is its USP. In few regional pockets it is the most viewed sporting league due to its localised content and local stars.
CCL is planning to start newer formats other that T20 Cricket and for this expansion the company is looking at raising funds from strategic investors who will help the company in more than just financialinvestment.
"We are very excited about CCL 5 as it brought us in to cash positive. We are looking at adding more celebrity formats in to the company and to do so we are looking at fund raising which will help us expand" says Vishnu Induri, Founder of CCL.
When contacted Sachiin Joshi about the transaction, he said that he has been closely observing the growth of CCL over the last 2 years and is keen in participating in the next round of fund raising by the company. When asked about the Valuation and amount being invested, he said that it is too early to talk about it now.