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Report: Tencent leads US$100M round in India-based fantasy sport platform

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Report: Tencent leads US$100M round in India-based fantasy sport platform

Tencent Holdings Ltd. has led an investment round in India-based fantasy sport platform, Dream11 Fantasy Private Ltd., VCCircle reported Sept. 6, citing company sources.

The Chinese tech giant reportedly invested in Dream11 Fantasy's series D funding round of over US$100 million. The transaction has not been closed yet, the report said.

Tencent joined the online sport platform's existing investors, venture capital firm Kalaari Capital and private equity firm Multiples Alternate Asset Management Pvt. Ltd., who also participated in this round.

Tencent has backed a number of India-based companies such as Times Internet Ltd.'s music app Gaana and social messaging app Hike Ltd., according to the report.

The company's investment in Dream11 Fantasy comes amid an intensifying crackdown on the gaming industry in China.

Recently, Tencent announced it would implement a new system to single out underage players and monitor user play time on its "Honour of Kings" game while Chinese regulators are restricting the number of online games, having voiced concerns regarding online addiction and health issues among children in the country.