Four Indian law firms — Vertices Partners, Lexapar, IC RegFin Legal, and Luthra and Luthra Law Offices India — advised on the PlayBlue seed fundraise, one of the more legally active early-stage sports retail transactions of recent months. Play Blue Sports Private Limited raised $2.7 million in a seed funding round co-led by Centre Court Capital and MIXI Global, with participation from WEH Ventures.
Introduction
Play Blue Sports Private Limited completed a $2.7 million seed funding round co-led by Centre Court Capital and MIXI Global Investments, with WEH Ventures also participating. The company said the newly raised capital will support the launch of its first flagship retail stores and its pan-India e-commerce platform.
PlayBlue was founded in 2025 and offers an omnichannel retail experience for athletes, fitness enthusiasts, and recreational sports players, with a portfolio spanning athleisure apparel, footwear, sports gear, fitness equipment, recovery products, and nutrition. The transaction involved separate legal counsel for each of the four investor and company parties, making it a notably well-lawyered seed-stage deal.
Deal Value
PlayBlue raised $2.7 million in its seed funding round. The proceeds will be used to launch its first set of flagship stores and its pan-India e-commerce platform.
Legal Teams Involved
Vertices Partners — Advised PlayBlue
Vertices Partners acted as legal counsel to Play Blue Sports Private Limited on this fundraise. The transaction team comprised:
- Vishal Mehta — Partner (Transaction Lead)
- Darshan Rajesh Chheda — Associate
- Cashmira Poonacha — Associate
- Vinayak Burman — Founder and Managing Partner (Strategic Inputs)
Lexapar — Advised Centre Court Capital
Lexapar advised lead investor Centre Court Capital on this fundraise. The transaction team comprised:
- Rishi Shroff — Founder
- Manushi Shah — Senior Legal AI Specialist
IC RegFin Legal — Advised MIXI Global Investments Inc.
IC RegFin Legal advised lead investor MIXI Global Investments Inc. (Japan) on this fundraise. The transaction team comprised:
- Ankit Bhasin — Partner (Transaction Lead)
- Jesika Somani — Associate
- Sneha Sakshi — Associate
Luthra and Luthra Law Offices India — Advised WEH Ventures
Luthra and Luthra Law Offices India advised WEH Ventures on this fundraise. The transaction team comprised:
- Arindam Basu — Partner (Transaction Lead)
- Palaaksha Kandhari — Associate
Significance and Impact
PlayBlue was co-founded in 2025 by Satyam Trivedi and Jayam Vora, and operates as an omnichannel multi-brand sports retail platform built for athletes, fitness enthusiasts, and everyday players, with its curated assortment spanning athleisure, footwear, gear, fitness equipment, recovery products, and nutrition.
The company intends to use the capital to launch its pan-India e-commerce platform and establish its initial physical flagship stores across Bengaluru, Mumbai, and the Delhi National Capital Region (NCR). The involvement of a Japanese strategic investor, MIXI Global Investments Inc., alongside a domestic sports-focused fund and an early-stage venture firm signals cross-border investor appetite for India’s organised sports retail segment.
From a legal market perspective, the transaction is notable for the breadth of its counsel panel — four firms representing four distinct parties at seed stage. PlayBlue has outlined an ambitious long-term expansion roadmap for the next five years, planning to establish a network of more than 150 stores across the country while building a community of over 10 million users, and aiming to achieve annual revenue exceeding ₹5,000 crore over the same period. If those milestones are pursued, follow-on financing rounds are likely to generate further mandates for the legal advisory community.
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The PlayBlue $2.7 million seed fundraise brought together four law firms — Vertices Partners, Lexapar, IC RegFin Legal, and Luthra and Luthra Law Offices India — each representing a distinct party in a cross-border, multi-investor transaction. The proceeds will be used to launch the company’s first set of flagship stores and its pan-India e-commerce platform. The deal underscores the growing legal complexity of early-stage sports and consumer retail transactions in India, even at the seed stage.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
