MUMBAI : Former CEO of JSW Sports, Mustafa Ghouse, and former investment director of TVS Capital and Sabre Partners, Alok Samtaney, have launched a ₹350 crore sports tech and gaming fund, Centre Court Capital (CCC).
Sajjan Jindal Family Trust is the core investor of the fund, with ₹200 crore pledged by investors including top athletes.
Small Industries Development Bank of India (Sidbi), Premji Invest, USK Capital, and other large corporate sports investors in the country including GMR Sports, and SG Sports have also committed to the fund.
A Sebi-registered category-II alternative investment fund, CCC will soon launch an offshore feeder fund in Gift City to raise capital from international investors.
The fund has already completed its first two investments in the sports tech space. It will look to focus on early-stage opportunities, earmarking ₹8 crore-to ₹24 crore, while reserving 40-50% of the fund for follow-on investments.
“The sports and gaming sectors are experiencing unprecedented growth in the country. Tech is dominating the narrative of how sport is played and consumed, and we want to be at the forefront of this revolution,” said Ghouse, who is also an Asian Games bronze medalist, and a former member of the Indian Davis Cup team.
“We have seen a tremendous rise in both public and private investment in sports which has more than quadrupled since 2020. As a result, we’re seeing an acceleration in the number of startups that are building from India for India and the world,” said the founder and general partner of Centre Court Capital.
At 396 million, India has the second largest number of gamers in the world and the sector is poised to grow at a five-year CAGR of 21%, Ghouse said.
“We firmly believe in the potential of the space and are focused on backing exceptional founders who believe they are now ready to compete with the best in class, globally. At CCC, we possess the experience and know-how to fuel the charge of sport and gaming. We are keen to write the India chapter of a trend that’s growing globally,” he added.
Besides being an athlete, Ghouse comes with the operating experience, having put together Inspire Institute of Sport, India’s premier Olympic training facility, leading the acquisition and heading teams across the IPL, ISL, and PKL.
Samtaney, meanwhile, brings deep experience across the fund lifecycle having spent over 15 years between TVS Capital Funds and Sabre Partners. He has made and managed a diversified portfolio of venture capital and private equity investments and has seen a substantial number of exits.
Parth Jindal, MD of JSW Cement and founder of JSW Sports, lauded the initiative, and expressed confidence in Centre Court Capital’s ability to drive growth and innovation in India’s sports and gaming sectors.
He sees it as a reflection of the Jindal family’s long-standing commitment to promoting sports in the country. “We are proud to be early backers of Centre Court Capital’s pioneering fund, which will further drive growth and innovation in what is an ever-evolving sector,” Jindal said.
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Published: 04 Apr 2024, 11:38 AM IST