Jindal-Backed VC Raises Maiden Fund To Invest In Indian Sports, Gaming

(Bloomberg) --

Centre Court Capital, a venture capital firm backed by steel tycoon Sajjan Jindal, is raising as much as 3.5 billion rupees ($42 million) for its maiden fund to invest in Indian sports technology and video game startups.

The Mumbai-based fund targets 15 to 18 investments, mainly Series A rounds, over the next three years, founder Mustafa Ghouse said in a phone interview. It has 2 billion rupees committed from backers including Jindal’s family trust as an anchor investor and aims to raise the rest by November.

Gaming and sports are gaining popularity in the world’s most populous nation, with its young demographic and growing spending power. While the sector is still at a nascent stage in India, evolving consumer preferences are opening up new opportunities.

“There has been a mindset change in the country on how we view fitness, sports and gaming,” Ghouse said. “We want to capitalize on that opportunity.”

Centre Court will focus on technologies for enhancing athletic performance, content creation and monetization, as well as consumer-facing companies that work on sleep and general fitness. It has already invested in two startups — a broadcast technology company and a sports analytics provider.

The fund, whose investors include PremjiInvest, USK Capital, Small Industries Development Bank of India, GMR Sports and SG Sports, is also in talks to back gaming studios.

Ghouse, who once represented India in international tennis tournaments, led investments in cricket team Delhi Capitals and other franchises during his time heading the sports arm of Jindal’s conglomerate JSW Group. Joining him as a partner is Alok Samtaney, a former principal at TVS Capital Funds.

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