Mumbai-based fantasy sports company Dream11 is in talks with multiple investors, including private equity firm ChrysCapital and Facebook co-founder Eduardo Saverin’s investment vehicle B Capital Group, to raise fresh funding at a valuation of $2.25 billion.
At least two more investors are the fray to pick up stakes held by three existing investors — Kalaari Capital, Renuka Ramnath-founded Multiples Alternate Asset Management and San Francisco-based Think Investments, The Economic Times reported.
While the contours of the deal are still being worked upon, it may include a $100 million secondary transaction and a $20 million primary round, the report added. The shortlisted investors have been given three weeks for diligence.
Dream11 was valued at $1.1 billion following the completion of a secondary investment by Hong Kong-based hedge fund Steadview Capital in April last year.
In August last year, Times of India reported that Japan’s SoftBank, Tiger Global, and South Africa’s Naspers were also eyeing a stake in the company.
Founded in 2012 by Jain and Bhavit Sheth, Dream11 had closed a $100-million Series D funding round led by Chinese internet giant Tencent Holdings in September 2018. The round had also seen participation from Kalaari and Multiples PE.
The platform offers its users fantasy gaming in categories such as cricket, football, kabaddi, and National Basketball Association (NBA). According to the 2019 IFSG – KPMG report, in terms of total user base on a fantasy sports platform, Dream11 is the market leader with over 50 million users.