New Delhi: Out-of-favour India all-rounder Yuvraj Singh is set to start a new innings as a businessman.
Yuvraj will become the first Indian cricketer to float a venture fund that aims to support young entrepreneurs.
Venture fund is an investment fund that manages money from investors seeking private equity stakes in startup and small and medium-size enterprises with strong growth potential. These investments are generally characterized as high-risk/high-return opportunities.
“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,” Yuvraj Singh told a leading daily.
Yuvraj, the costliest player in the 2015 Indian Premier League, will invest Rs 50 crore over a period of three to five years in the YouWeCan Ventures fund. Â The fund is expected to raise around Rs 300 crore from other investors during the period.
Delhi Daredevils this year bought Yuvraj for a whopping Rs 16 crore from Royal Challengers Bangalore, who had paid 14 crore last season.
YouWeCan Ventures will fund various sectors like healthcare, sports products, services and fashion, travel and tourism, hospitality and e-commerce.Â