Naspers Ventures, Tiger Global Management LLC and the SoftBank Vision Fund, a fund managed by SoftBank Investment Advisers (UK) Ltd., are among the technology investors that have held talks with Dream11 Fantasy Pvt. Ltd to acquire a stake in the India-based online fantasy cricket game platform, The Times of India reported, citing two sources briefed on the matter.
The transaction, which could fetch up to $500 million, is expected to value the company in the range of $2 billion to $2.5 billion, sources said.
The potential deal outlines a $300 million primary investment and a $200 million secondary sale by current Dream11 investors, they said, adding that the company may decide against the transaction if it does not get the valuation it is aiming for.
The business does not need funding at present and is just looking to secure capital by early-2020 before the next Indian Premier League, said one of the sources.
The transaction could also involve the participation of more than one investor, with existing investor Tencent Holdings Ltd. also planning to upsize its shareholding in the company, the report noted.
Dream11 and Naspers did not answer emailed queries sent by the news publication until the time of the publication, while Tiger Global and SoftBank did not comment on the matter.
