ChrysCapital, B Capital eye stake in Indian unicorn Dream11: Report

Photo: Reuters

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.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.