Shikhar Dhawan’s VC Firm To Set Up Base In Abu Dhabi’s ADGM, Launch $75 Mn Fund

Yashaa Global Capital, a sports-focussed venture capital fund cofounded by cricketer Shikhar Dhawan, has received the Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

With this, the firm can establish its first fund in the leading international financial centre of Abu Dhabi. Yashaa Global Capital was launched two years ago as Da One Global Ventures. Now, with the necessary licences secured, the firm is set to begin operations under its new identity.

Founded by Dhawan, Mohammed Sirajuddin, Arif Padaria, and Dr. Victor Tay, the firm plans to raise $75 Mn for its maiden fund. It is preparing to initiate a call for capital, and claims to have already secured commitments for the first close.

While it plans to mark the first close with capital from family offices and ultra-high-net-worth individuals (UHNWIs), it is looking to secure investments from institutional investors for the second and third close of the fund.

Yashaa Global Capital will begin deploying $1 Mn to $5 Mn each in startups over the next 45-60 days, with a strong focus on Asia. Notably, 30% of the fund’s investments will be made in Indian startups.

The fund will invest in early to growth-stage companies that leverage technology, data analytics, and fan engagement innovations. Its focus spans sports tech, fitness and wellness, esports, and media platforms that enhance the sports ecosystem.

Yashaa Global Capital’s Investment Thesis

“From a geographical perspective, there are over 40 successful venture capital funds in the Western world that focus on sports. However, in Asia, there are very few such funds. While some funds focus on esports and gaming, there are hardly any dedicated solely to sports. This is expected to change in the coming years, which is why we believe this is an opportune time to enter the market and establish ourselves as a leading venture capital firm in the sports-focussed ecosystem in Asia,” Sirajuddin told Inc42.

Overall, the sports industry, including sports gaming, is a trillion-dollar sector annually. It is becoming increasingly institutionalised and globalised, with significant equity investments emerging over the past decade. There have also been notable exits in recent years, and this trend is only expected to grow over the next decade, he added.

“Our approach is to invest across Asia, while also considering select Western companies that are looking to expand into the Asian market,” he noted.

From a short-term perspective, the VC firm aims to invest in companies with strong exit potential while also adding considerable value throughout their growth journey.

“In the long term, our vision is to build a larger ecosystem. As we scale, our goal is to successfully execute Fund I and then launch a larger Fund II. Additionally, we plan to establish accelerators across different regions within the next two to three years to further support and nurture the sports-focussed startup ecosystem,” Sirajuddin added.

Talking about his investment philosophy, Dhawan said that strategy, discipline, and adaptability, which helped him in his sports career, are also crucial for the venture capital industry, which involves identifying opportunities, managing risks, and making decisive moves.

“My career in cricket has shaped my investment philosophy in key ways. The game teaches strategy, resilience, and adaptability – qualities that are essential in venture capital. International sports is about long-term vision and patience, much like investing. Success isn’t just about a single performance but about making strategic decisions over time. Similarly, backing startups
requires identifying potential, supporting growth, and navigating challenges,” Dhawan said.

This comes at a time when India’s nascent sports tech market, comprising apps, devices, sensors, among others, is expected to grow 85% to become INR 49,500 Cr opportunity in the next four years, according to a report by FIFS and Deloitte.

While Indian sports tech startups raised only $139 Mn across 29 funding deals between 2014 and November 2022, there is a lot of untapped potential in the sector. For instance, former Dealshare cofounder Sourjyendu Medda recently floated a new sports tech startup Sports For Life (SFL) and bagged a funding of $1.1 Mn.

Last year, Game Theory bagged funding from badminton coach Pullela Gopichand, squash player Saurav Ghosal, table tennis veteran Sharath Kamal, among others.