Naspers to invest $100 million in Dream11

South African tech behemoth Naspers is looking to invest $100 million in Dream11 at a $2.5 billion 🙈valuation according to a ﷺ.

Accord🔥ing to the report, the transaction is expected to be 🔴a secondary one with Naspers looking to partially buy shares of existing investors Kalaari Capital, Think Investments and Multiples Alternate Asset Management.

“Dream11 does not need to raise a large round, but has significant inbound interest from investors. When these companies are growing fast, they prefer having a diversified se🃏t of investors and such secondary rounds give the founder the valuations they want and give early investors exit at good multiples,” said an anonymous investor tracking the company told Mint.

Aroundꦜ $2 billion worth of total transactions were conducted on Dream11 in the last quarter which translated into a $150 million in revenues for the company.

In April this year, Dream11 catapulted into the unicorn cܫlub with in the company in a secondary market transaction, which valued t🌱he company at around $1-1.5 billion.

Dream11 is the official fantasy gaming partner of ICC, IPL, ISL, Pro Kabaddi league, Big Bash league and severa♛l other sporting tournaments. , the company got a favourable decision from the Bombay High Court which ruled its format to be a game of skill and approved꧑ the manner in which it pays GST.

South Africa꧃n media and internet g♕roup Naspers has invested in several Indian tech companies such as Swiggy, Meesho and Byju’s.

Interestingly, one of Naspers’ biggest investment is in Chinese online gaming giant Tencent, i🦩n Dream11.

According to Registrar of Companie🔜s filings made by Dream11 in April 2019, the company’s board has changed its Indian company from Dream11 Fantasy Private Limited to Sporta Technologies Private Limited.

As per the explanatory statement to the resolution, Dream11 is planning to foray into several other sports re𒊎lated businesses apart from fantasy gaming, which ♉has necessitated the change in name.