Dream11 Looks To Raise $235 Mn In Fresh Funding; Tencent’s Share To Come Down

Fantasy sports platform Dream11, which recently won the title sponsorship rights for the cash-rich Indian Premier League’s (IPL) 2020 edition, is reportedly looking to raise a fresh round of funds from at least four private equity firms. Sources privy to the matter told The Indian Express that the deal is worth $235 Mn, with a $35 Mn primary fund and a $200 Mn worth secondary sale of shares.

If the deal comes through, the shares of Tencent Holdings in the company could fall to a single digit. Reportedly, Tencent currently holds 10.9% shares in Dream11’s holding company Sporta Technologies Pvt Ltd. Further, the deal could see Dream11’s valuation increase to $2.5 Bn, from the $1.1 Bn it reportedly had in April 2019, when Steadview Capital bought stakes from the company’s early investors. 

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