James Murdoch, Uday Shankar form investment platform, secure $1.5 billion from QIA
The new firm will invest in media and consumer technology opportunities in Southeast Asia, with a particular focus on India, said the duo in a statement
Uday Shankar and James Murdoch’s joint venture, Lupa Systems, has formed a new investment platform, Bodhi Tree, backed by a $1.5 billion (approx. 11,200 crore) investment from the sovereign fund Qatar Investment Authority (QIA).
Shankar and Murdoch will be the co-chairs of the newly-established firm.
The duo stated, in a joint release, that the new venture will invest in media and consumer technology opportunities in Southeast Asia, with a particular focus on India.
The investment has come at a time when Shankar, former - The Walt Disney Asia Pacific President & Star and Disney India Chairman, was already in talks with Reliance Industries (RIL) to pick up a significant minority stake in RIL-controlled Viacom18.
Murdoch and Shankar, in the statement, said, "We are very pleased to announce Bodhi Tree. Opportunities abound to scale exciting businesses in India and the broader Southeast Asia region. Our continued focus on investing and building relationships in these regions comes from our deep conviction in the long-term growth of these economies and the incredible power of their consumers, as these sectors are transformed by technology."
QIA CEO Mansoor bin Ebrahim Al-Mahmoud said, "QIA is proud to play a key role in bringing Bodhi Tree to reality. QIA is investing in the technology and media space, and India is a key market for us. QIA looks forward to backing Bodhi Tree as they drive forward with their growth plans in the future."
QIA, founded in 2005, is one of the largest and most active sovereign wealth funds globally.
