Indian virtual sports and entertainment company Smaaash has announced that it plans to launch its initial public offering to raise $73 million.

Smaaash will use the cash proceeds to fund its inorganic growth initiatives, repay part of its debt and for its working capital requirements.

The company is also planning to close the $49 million round from I-AM Capital in the next 15-20 days, most probably, by the end of August.

In May, I-AM Capital, New York-based special purpose acquisition company, had signed an agreement with Smaaash to acquire a 24.5 percent stake in the company for $49 million.