James Murdoch, son of media mogul Rupert Murdoch, and former Star India chief executive officer Uday Shankar announced on Wednesday a new venture called Bodhi Tree that will receive up to $1.5 billion from Qatar’s sovereign wealth fund.
Bodhi Tree will seek investments in media and consumer technology in Southeast Asia, with a focus on India. Qatar Investment Authority, which manages the fund, has pledged the financial commitment to the venture.
Murdoch left the family-run media business, 21st Century Fox, after the 2019 sale of most of its entertainment business to the Walt Disney Co.
He subsequently partnered with Shankar on Lupa Systems to begin scouting for investments in emerging markets. Last year, they backed an Indian startup, Doubtnut, which uses short videos to teach students maths and science concepts.
The new venture, Bodhi Tree, is aiming to invest in media, education and healthcare companies with the potential to improve the lives millions of consumers across the region.
Under Shankar’s leadership, Star launched the streaming service Hotstar, which is now part of Disney.
- Reuters with additional editing by Jim Pollard
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