Home Retail Yuvraj Singh to fund online start-ups in India

    Yuvraj Singh to fund online start-ups in India

    By  
    SHARE

    After a successful initiative to fight against cancer through YouWeCan, cricketer Yuvraj Singh has launched an investment company, YouWeCan Ventures Technology Llp, to support online start-ups, including e-commerce firms, and encourage young entrepreneurship.

    “Lots of young entrepreneurs had been approaching Yuvraj Singh for various online start-ups, seeking his support. Although he was watching the market closely, he wanted a professional team to be set in place,” Nishant Singhal, co-founder of YouWeCan Ventures was quoted as saying.

    YouWeCan reportedly plans to invest Rs.40-50 crore in online start-ups in the healthcare, travel, hospitality, real estate and media sectors in the next 3-5 years.

    The investment company, run by a six-member team, including CAs, technology experts and management consultants, will provide an initial fund of Rs.10-25 lakh per transaction to young entrepreneurs.

    Some investment deals are reportedly in advanced stages of discussion and likely to be announced in the next few months. Friends and associates of Singh, who will play for Delhi Daredevils in the Indian Premier League (IPL) tournament starting this month, have also committed to YouWeCan Ventures to make investments in the range of Rs.250-300 crore over the next three-five years, said Singhal.

    The Mobile Internet in India 2014 report released this January states that online retailers and e-commerce firms are growing rapidly as the penetration of smartphones expands access to the internet across India.

    The number of mobile internet users in India is expected to touch 213 million by June 2015, a 23 per cent jump over the last six months, according to the Mobile Internet in India 2014 report.

    There were 173 million mobile internet users in India in December 2014, according to a report by the Internet and Mobile Association of India (IAMAI) and IMRB International.

    By Mehak Sharma