Delhi Capitalists, the venture capital firm backed by steel tycoon Sajjan Jindal, is raising up to 3.5 billion rupees ($42 million) for its inaugural fund to invest in Indian sports technology and video game startups. The Mumbai-based fund is targeting 15 to 18 investments, primarily in Series A rounds, over the next three years. Founder Mustafa Ghouse said in a phone interview that they have already secured 2 billion rupees from backers, including the Jindal family trust as the lead investor, and want to raise the remaining amount by November.

Games and sports are gaining popularity in India due to its young demographic and growing spending power. Although the sector is still in its infancy in India, changing consumer preferences present new opportunities. Ghouse noted that there has been a shift in the country’s mindset around fitness, sports and gaming, and the fund aims to capitalize on this trend.

Delhi Capitalists will concentrate on technologies that improve athletic performance, content creation and monetization, as well as consumer-facing companies specializing in sleep and general fitness. The fund has already invested in two startups, a broadcasting technology company and a sports analytics provider. It is also in discussions to support game studios. Investors in the fund include PremjiInvest, USK Capital, Small Industries Development Bank of India, GMR Sports and SG Sports.

Ghouse, a former international tennis player who earlier led investments in Delhi Capitals cricket team and other franchises during his tenure at Jindal’s JSV Group

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