Indian All-Rounder Yuvraj Singh is all set to become the first Indian cricketer to float a venture fund that aims to support young entrepreneurs by investing in startups across sectors.
The 33-year old southpaw and the man of the tournament in the 2011 World Cup will invest Rs 50 crore over a period of three to five years in the YouWeCan Ventures fund and the fund is expected to raise around Rs 300 crore from other investors during the period.
The ventures will primarily fund startups in healthcare, sports products, service and fashion, travel and tourism, hospitality and e-commerce.
During an interview with ET, Yuvraj said:
I had been thinking about this for four-five years. There are a lot of young entrepreneurs with great high-potential ideas and I plan to invest in these startups, to build their brands and companies.
Many of my friends and associates will co-invest in building large-scale brands and firms, but declined to name companies or individuals who are expected to invest in the venture as it is “still work in progress.
YouWeCan Ventures is expected to announce its first investment by June, right after the IPL 8 where Singh is playing for Delhi Daredevils. The Delhi IPL team, owned by GMR Group, had bid a record Rs 16 crore in February auction to win the cricketer, who is also eyeing a comeback in the Indian team on the account of some brilliant IPL performances.