Steadview Capital to invest $100 million in Dream11

London-bas⛄eꦍd alternative asset manager Steadview Capital is set to invest US$100 million (around Rs. 710 crores) in India’s largest fantasy sports website, Dream11, as per on online news portal VCCircle.

As pe💮r the news report, negotiations are currently underway for an investment that will likely value Dream11 at anywhere between US$1.3 billion and US$1.5 billion post-money and that the transaction is likely to be a secondary transaction, i.e. the deal will involve sale of shares by the ex💟isting investors and the company is not likely to issue new shares.

“We have no interest in raising any more money in the near future. There’s no primary fundraising that’s going on at alꩵl. Secondary transactions, on the other hand, can happen throughout,” Dream11 founder and CEO told VCCircle.

In June 2018, it was annou📖nced that Chinese gaming giant Tencent along with some other existing investors had invested US$100 million at a pre-money valuation of around US$400-500 million.

The other existing marquee investors of the fan☂tasy gaming giant include Kalaari Capital, Think Inve♓stments and Multiples Equity.

If this news is accurate and if this deal goes through, Dream11 will be the first gaming unicorn (a privately owned company valued at more than $1 billion). In fact, if one goes as per this report, Dream11 would be become the biggest gaming company in India surpassing the valuation of Delta Corp, India’s only listed gaming, casino and hospitalit♚y company, whose c🍰urrent market cap is around US$964 million.

Recently, Dream11 had announced that the total number of registered users on its portal the 5 crore mark. Dream11 is the official fantasy game partner of the International Council of Cricket (ICC), Pro Kabaddi League, Indian Super League, National Basketball Association, Caribbean Premier League, International Hockey Fಞederation and Big Bash League.