Ahead of the 2020 Indian Premier League season, Mumbai-based fantasy gaming startup Dream11 is in the final round of negotiations to raise funding from global private equity firms TPG, Advent, James Murdoch’s Lupa Systems and homegrown Chrys Capital.
An ET report claimed that TPG will be using its Tech Adjacencies Fund, Advent International’s arm Sunley House Capital Management is also expected to join the consortium. Further, existing investor Tencent may double down on its investment in the company. The company is said to be signing final documents this week, followed by a round of confirmatory diligence. An official announcement is scheduled for the month-end, right before the IPL kicks off on March 29.
The funding round of $150 Mn-$200 Mn is reportedly a secondary sale of shares, providing an exit to Kalaari Capital, Multiples Alternate Asset Management and Think Investments. A small primary infusion may also be done. Avendus Capital is the financial advisor on the deal.