Shikhar Dhawan-Backed Yashaa Global Capital Gets License to Launch a Worldwide Sports VC Fund

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has granted the Financial Services Permission (FSP) to Yashaa Global Capital, a sports-focused venture capital fund that cricket player Shikhar Dhawan cofounded. The company can use this to open its first fund in Abu Dhabi, a major global financial hub. Originally called Da One Global Ventures, Yashaa Global Capital was established two years ago. The company is now prepared to start operations under its new name after obtaining the required licences. The company, which was founded by Dhawan, Dr Victor Tay, Arif Padaria, and Mohammed Sirajuddin, intends to raise $75 million for its first fund. It says it has already obtained commitments for the first closure and is getting ready to launch a call for funds. In order to secure participation from institutional investors for the fund's second and third closes, it intends to mark the first close with cash from family offices and ultra-high-net-worth individuals (UHNWIs).

Investment Plans

Over the next 45 to 60 days, Yashaa Global Capital will start investing $1 million to $5 million in businesses, with a particular emphasis on Asia. Notably, Indian startups would receive 30% of the fund's funding. The fund will make investments in startups and early-stage businesses that use data analytics, technology, and innovative fan interaction. Its focus includes media platforms that support the sports ecosystem, esports, health and wellness, and sports technology. The sports industry, which includes sports gaming, generates trillions of dollars every year. Significant equity investments have emerged in the last ten years, and it is getting more globalised and institutionalised. Notable exits have also occurred recently, and this tendency is only anticipated to increase over the ensuing ten years. The venture capital firm's short-term goal is to invest in businesses that have a high potential for exit while also contributing significantly to their growth trajectory.

Just at the Right Time

The aforementioned development happened at the ideal moment since, according to a report by FIFS and Deloitte, India's emerging sports technology market—which includes apps, gadgets, sensors, and more—is predicted to expand by 85% over the next four years, creating a potential of INR 49,500 Cr. Even though between 2014 and November 2022, Indian sports tech firms only raised $139 million through 29 investment agreements, the industry still has a lot of unrealised potential. For example, Sourjyendu Medda, a former cofounder of Dealshare, recently raised $1.1 million for his new sports technology company, Sports For Life (SFL). Game Theory received money last year from a number of sources, including renowned table tennis player Sharath Kamal, squash star Saurav Ghosal, and badminton coach Pullela Gopichand.