Uday Shankar and James Murdoch’s joint venture, Lupa Systems, has formed a new investment platform, Bodhi Tree, backed by a 1.5 billion dollar approximately 11,200 crore financing from the ruler fund Qatar Investment Authority (QIA).
Shankar and Murdoch will be the co-chairman of the newly-launched firm. The two of them stated, in a joint release, that the new venture will invest in media and consumer technology opportunities in Southeast Asia, with a definite aim on India.
Murdoch, who no longer carries a role in his family’s media domain, has teamed with Shankar via Lupa Systems, the New York and Mumbai-based financial firm he launched in 2019. Lupa Systems has the most support in the Tribeca Film Festival, and support in the owner of Art Basel, Vice Media, data intelligence firm Morning Consult, comics publisher Artists Writers and Craftsman, practical reality firm The Void, and tech platform Betalab
Last year, the two got into the space arena with Murdoch, as co-chairman of Seven Island Inc., a special causes acquisition company, seeking to raise 345 dollars million from financiers in an IPO. Murdoch again associated with Shankar in the venture as Seven Islands specifically focused businesses in the southeast and south Asia
The financing has come at a time when Shankar, former – Walt Disney Asia Pacific President and Star and Disney India Chairman, was already in talks with Reliance Industries (RIL) to select an important minority hike in RIL-controlled Viacom18.
Murdoch and Shankar, in their opinion said, “We are very happy to announce Bodhi Tree. Opportunities thrive to scale exciting businesses in India and the wider Southeast Asia region. Our continued focus on financing and building relationships in these regions come from our deep judgment in the long-term development of these economies and the unbelievable power of their consumers, as these sectors are altered by technology.”
QIA CEO Mansoor bin Ebrahim Al-Mahmoud said, “QIA is proud to play a key role in taking Bodhi Tree to reality. QIA is financing in the technology and media space, and India is a key market for us.
QIA anticipated backing Bodhi Tree as they drive forward with their development plans in the future.”QIA established in 2005, is one of the largest and most active Ruler wealth funds globally.
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