Tiger Global, a investor firm known for their technology-focused investments, are likely to buy stake in Indian Premiere League (IPL) team Rajasthan Royals, according to a report by Economic Times. The firm is likely to invest $40 million in Rajasthan Royals, taking the team’ s total valuation to $650 million.
The report noted that Tiger Global’s investment could be direct or indirect. As per the report Tiger Global may back one of the shareholders in Rajasthan Royals through the capital infusion.
Tiger Global, a marquee investor who was also the early backers of Flipkart, has been phenomenal in boosting the growth of unicorns and soonicorns (soon-to-be-unicorns).
Notably, the talks for investment comes at a time when the tech and startup economy is reeling under the impact of slowdown fears and a funding winter that has dried up new channels of financing.
Tiger Global’s investment in Rajasthan Royals, could be a significant foray into India’s sporting economy and an expansion beyond the digital commerce sector.
The ET report said that Tiger Global had held talks with other IPL franchises, however, citing people familiar with the developments, the report said that the investment deal with Rajasthan Royals is likely to see fruition.
The Rajasthan Royals stake could be a move to diversify into non-tech sector. It also holds a stake in online fantasy gaming giant Dream Sports.
Tiger Global, known for backing companies like Flipkart, Zomato, Ola and Delhivery among others, also holds a stake in online fantasy gaming major Dream Sports that run Dream 11.
Tiger Global has also made investments in quick-service restaurant chain Wow! Momo and tea chain Chaayos, moving away from its core technology bets, thereby cementing what it started in India almost 15 years ago.
Rajasthan Royals’ parent entity Emerging Media is owned by UK-based Manoj Badale who holds more than 60% in the franchise and had bagged the rights in 2008.
Notably, in 2021, US-based RedBird Capital picked up shares in a secondary deal valuing Rajasthan Royals at more than $250 million.
Mumbai Indians’ dominant eight-wicket victory against Sunrisers Hyderabad in the Indian Premier League (IPL) match knocked Rajasthan Royals out of the race for IPL 2023 playoffs on Sunday.
On Monday, Decacorn fintech firm PhonePe said it has secured an additional USD 100 million investment from General Atlantic. Notably, Ribbit Capital, Tiger Global and TVS Capital Funds have also invested during the current funding round of the company.
Download The Mint News App to get Daily Market Updates.
More
Less
For all the latest world News Click Here
