How does one padel club with big dreams justify a RM91 million valuation?

Founded in Stockholm and now trying to make waves in Southeast Asia, ASCARO claims it’s not your average padel club. Launched in Malaysia in 2023, the company became profitable in its first year at 1 Utama and now has bold expansion plans. In this episode of Open For Business, we speak with Managing Director Daniel Liljekvist and COO Nicholas Caoile to unpack ASCARO’s journey from padel apparel brand to premium club concept.

With projections of RM90.8 million in revenue and RM41.4 million in net profit by 2027, ASCARO is raising up to RM20 million via equity crowdfunding to fund four new locations across Kuala Lumpur and Jakarta. But with a pre-money valuation of RM91 million and ambitions for a future IPO or acquisition, the big question is: is this too big a swing?

The duo shares their multi-revenue model, expansion playbook, and how ASCARO aims to build a new kind of inclusive country club for Southeast Asia, while navigating execution risk, scalability, and investor scrutiny.

AI generated Key Highlights:

Origins & Evolution: Started as a premium padel apparel brand in Stockholm (2021) before evolving into a padel and social club concept.
Malaysia Expansion: Launched in 1 Utama in 2023 and turned a profit within the first year.
Business Model: Combines B2C (court rentals, coaching, merchandise) with a strong B2B focus (events, corporate partnerships, sponsorships).
Financials: 2024: RM5.4M revenue, RM1.1M pre-tax profit – 2025 (projected): RM36.9M revenue, RM15.7M net profit – 2027 (projected): RM90.8M revenue, RM41.4M net profit
Funding Strategy: Raising up to RM20M via equity crowdfunding at a RM91M pre-money valuation to fund four new clubs (3 in KL, 1 in Jakarta).
Scalability: Targeting 15 clubs by 2027, leveraging modular concepts, shared cost structures, and strong location selection near corporate hubs.
Strategic Partnerships: Incentivising key partners and talent with equity; exploring landlord co-investment models and international collaborations.
Risks & Challenges: Execution risk across multiple markets – High construction and fit-out costs – Market still in early-stage adoption in Southeast Asia
Exit Plans: Aiming for IPO or acquisition within four years; positioning for regional scale and investor appeal through expansion and digital offerings.