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Former Brightcove India head Viniit Mehta has launched a new fund to tap into India’s booming entertainment and media space.
His new venture, Pressplay Capital aims to raise $10 million to support gaming, adtech, media tech, and sports tech startups.
The UAE-based fund is currently waiting for regulatory approvals, but plans to complete its first round of fundraising by August or September 2025.
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“We started raising funds about a month back. Commitments are coming in fairly quickly, so we are confident of going ahead with this,” said, Viniit Mehta, founder of Pressplay Capital.
“We are in the process of forming a (fund) structure (in the UAE),” Devang Mehta, venture partner at Pressplay Capital said.
“As you file for a fund formation, the process takes a little bit of time. At the outset, funds invest in startups through some parallel vehicle, usually an LLC or a private limited, and then once the fund is fully set up, these investments are moved into the fund,” Devang added.
The VC firm has started identifying startups and plans to finalize three investments soon.
“We’re close to investing in a gaming startup in the Middle East, a sports tech startup in India, and another one in the US,” said Viniit.
These early deals are being made through a temporary setup, a common practice for new funds still waiting on approvals. The investments will be officially moved into the main fund once it’s fully set up.
Pressplay Capital plans to invest 40% of its fund in startups from the Middle East, another 40% in Indian tech startups, and the remaining 20% mainly in the US. It will focus on early-stage companies (seed and pre-Series A) that earn at least $250K in revenue.
The fund aims to invest around $300K each in 15 startups to start with, and later invest more in the top five performers.
The fund is focused on the “GAMES” sectors—short for gaming, adtech, media tech, entertainment, and sports tech. Viniit says these sectors together make up a $15 billion market across the Middle East and India.
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