Harsh Jain, cofounder and CEO of India’s largest online fantasy gaming platform, Dream11, has set up an investment fund to back early- and mid-stage startups, according to two sources directly briefed on the matter.
Jain and his family are likely to invest $100 million for setting up the fund. The total investment could go as high as $200 million, the sources said, which would make the fund potentially the largest to be set up by a new economy entrepreneur. The corpus, which will also include capital from outside investors, is still being finalized and the numbers could change.
The development comes as Dream11 prepares to close a new round of funding at a valuation of $8 billion in the coming weeks, which is expected to be primarily a secondary sale of shares. Dream11 was valued at $2.5 billion in September last year. A recent order by the Supreme Court has increased investor interest in the online gaming sector as potential legal issues get cleared.
Jain is the son of Anand Jain, considered a close confidante of Reliance Industries Chairman Mukesh Ambani and having interests in real estate and manufacturing through Jai Corp.
The Mumbai-based entrepreneur joins a growing list of India’s new economy founders who have either set up venture funds or are formalizing their startup investments. This comes at a time when capital is pouring into startups at a record pace and soaring valuations in both public and private markets are generating record wealth.
This is a premium article and available only to subscribers.
Exclusive access to this article for 1 year.
What you get
Premium In-Depth Stories
5 articles every week
Archives
>3 years of archives
Newsletter
5 every week
Gifting Credit
5 premium articles every month
Visual Infographics
1 every week
Sessions
3 screens Concurrently
Upgrade how you think, work, and win — Freedom Sale is on!
Have a coupon code?
Access unlimited content at a special discounted rate. Trusted by top VC’s and leading organizations, we provide bulk subscriptions for groups of 30+. Contact us for more details
Top educational institutions have collaborated with us for campus-wide subscriptions. For bulk campus-wide access, please get in touch.
Join our community of 100,000+ top executives, VCs, entrepreneurs, and brightest student minds
Convinced that The Captable stories and insights
will give you the edge?
Convinced that The Captable stories
and insights will give you the edge?
Subscribe Now
Sign Up Now