SoftBank, Tiger Global may join Naspers in backing Indian unicorn Dream11

Photo: Reuters

Japanese investment conglomerate SoftBank and New York investment firm Tiger Global may join Naspers in backing Indian sports fantasy company Dream11.

According to a report in The Times of India, the three investors have held discussions with Dream11 to pick up a stake worth $500 million. The deal, if fructifies, will involve both primary and secondary infusion of capital, and may also see participation of more than one new investor.

Its existing investor Tencent is also keen on increasing the stake, the report added.

The development comes about two weeks after Mint reported that Naspers is in talks to buy a stake worth about $100 million in the gaming unicorn from Kalaari Capital, Think Investments and Multiples Alternate Asset Management.

Dream11 is reportedly seeking a valuation of $2.5 billion in the latest financing, more than double the $1.1-billion valuation it attained in April this year. It may, however, not go ahead with the deal if it doesn’t get the desired valuation.

“Dream11 doesn’t need money right now and was planning to raise capital only by early next year before the next Indian Premier League (IPL),” the report said quoting a source.

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 last year. 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

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. 
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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.