Indian cricketer Shikhar Dhawan launches global investment sports tech fund
What's the story
Indian cricketer Shikhar Dhawan announced a $75 million global investment sports tech fund on Sunday.
He has become the first Asian sportsperson to launch a venture capitalist fund that focuses on innovation across the sports spectrum.
It also includes a greenshoe option of $25 million.
Dhawan announced the same at the annual Abu Dhabi Global Market Finance Week.
Here are further details.
Context
Why does this story matter?
Dhawan has become the first Asian sportsperson to launch a venture capital sports fund. This is among Dhawan's ventures off the field.
In July, Dhawan collaborated with Web3 fintech company, Bliv.Club, and Web3 Metaverse company, WIOM, to launch the first sports city in the Metaverse.
Earlier this year, he also launched the Da-One group that focuses on sports, technology, entertainment, and the startup ecosystem.
Information
What is the greenshoe option?
The global investment sports tech fund includes a greenshoe option of $25 million. It is an over-allotment option in terms of Initial Public Offering (IPO). This allows the underwriters to sell up to 15% more shares than the original amount.
Dhawan
Dhawan's on-field performance of late
As far as Dhawan's on-field status is concerned, the left-handed batter has been in hot water.
Dhawan, who plays only one format, recorded scores of 7, 8, and 3 in the Bangladesh ODI series.
He was also under the scanner in New Zealand where he led India in ODIs.
Interestingly, Dhawan last scored an international century during the 2019 ICC World Cup (against Australia).
Statement
Elated to start a new inning: Dhawan
"I am elated to start a new inning and embark on this journey in the world of venture capital," Dhawan said in a release.
He added, "All this would not have been possible without the support of my commercial partners and the founding team's commitment to this fund, in readiness for this week's announcement and targeted deployment in Q1 2023-24."
Record
Seventh Indian batter with 12,000 List A runs
Dhawan, who made his List A debut in January 2005 for Delhi, raced to 12,000 runs in the format during the New Zealand series.
He became just the seventh Indian cricketer to have achieved this mark.
In 302 matches, the left-handed batter owns 12,074 runs at an average of 43.90.
The tally includes 30 centuries and 67 fifties.