As Indian Premier League 2020 around the corner, which is expected to begin at the end of March, Mumbai-based fantasy gaming startup Dream11 is now raising fresh funds. The company is said to be on the verge of nearly doubling its valuation as Tiger Global looks to become its latest investor.
Dream11 is speculated to be raising $500 Mn in funding, which will be led by Tiger Global. An unconfirmed Livemint report said that Tiger Global will acquire new shares and also secondary shares from Dream11’s existing investors such as Kalaari Capital, Think Investment and private equity firm Multiples.
Tiger could spend as much as $200 million to buy new shares as well as shares from the Dream11’s early investors Kalaari Capital, Think Investment, and private equity firm Multiples at a valuation of $2.5 billion, said a report.
With the help of this new investment, Dream11 will be worth more than double its $1.1billion valuation in the month of April 2019. The company is also working with the investment bank Credit Suisse for securing funds.
“A lot of investors have been interested in Dream11. They have built a large profitable business with almost no big competitor and still a lot of avenues for growth remaining,” said an investor tracking the space, one of the three mentioned above requesting anonymity said.