Mahindra-backed Rocksport raises USD 3 mn from Brand Capital

New Delhi: Rocksport, a provider of in-school adventure programmes, on Wednesday said it has raised nearly USD 3 million (about Rs 25 crore) in a funding round.

The company secured a fresh round of investment from Brand Capital, the strategic investment arm of The Times of India. With this, Rocksport has closed its Series A round, elevating its valuation to USD 30 million.

In its earlier fund infusion, Mahindra Holidays & Resorts had picked up a strategic stake, helping the company to expand its pan-India footprint.

Rocksport CEO Amit Goyal said the investment from Brand Capital will provide leverage of The Times of India's brand building and marketing strengths for them, and enable the creation of a strong consumer brand in outdoor travel and recreation space.

"The funds acquired through this agreement will primarily finance advertising and brand-building initiatives aimed at introducing customers to Rocksport and its distinctive offerings," Goyal said.