Former cricketer Kapil Dev turned venture investor on Thursday, picking up stake in a company which would be organising a competitive league for traders who invest on bourses.
Former cricketer Kapil Dev turned venture investor on Thursday, picking up stake in a company which would be organising a competitive league for traders who invest on bourses.
The former India captain picked up an undeclared stake in Samco Ventures, which will soon start 'Indian Traders League' (ITL), where the investors will be competing for the honours on the basis of the returns they earn.
"ITL takes trading and investing to a whole new level of experience, which involves real money, real markets, real people and real returns," Samco Ventures said in a release.
The winner will be the one who generates highest percentage net return or what is also called 'Absolute Return on Net Funds' (ARONF), a company statement said, adding that one of the big four accounting firms has given its approval to this methodology.
For this new innings, Kapil has teamed up with the founder of London-based investment management firm Bay Capital Partners Siddharth Mehta and others who have invested US $3 million in Series A funding.
With this, Kapil joins young cricketers like Yuvraj Singh and Virat Kohli who have made venture investments.
"I have always taken all the decisions from my heart, but ITL intrigued me and I feel that the disruption which one-day match and IPL brought to cricket, ITL would bring to investors and traders in stock market," Kapil said.
He always "wanted to be a stock market investor", he added. The first edition of ITL (which would be an annual event) will start on May 19 and continue till March 31, the end of fiscal.
There will be four formats: The Indian Trading League, The Indian Investors League, The Indian Commodities League and the Indian Women League.
The winner will take home Rs 1 crore in cash, and will get the opportunity to manage US $1 million. There will also be prizes on weekly, monthly and quarterly basis.
To participate, one has to open an account with ITL through Samco, put in initial minimum capital of Rs 25,000 and start trading in the asset class of his or her choice -- equities, derivatives, commodities or currencies -- on bourses. The participants can connect their Facebook accounts to ITL accounts and check their friend's rankings, the company said.
"This novel experience will be available to participants at absolutely no extra cost," Samco Ventures' chief executive Jimeet Modi said.
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