Investment firm Tiger Global plans to acquire a stake in the Indian Premier League franchise Rajasthan Royals. The company is widely regarded for its technological investments, and it will now enter the IPL. The New York-based investment firm is expected to spend $40 million, according to a report in The Economic Times, raising the value of Rajasthan Royals to $650 million. Follow IPL 2023 LIVE updates with InsideSport.IN
According to the report, this investment may be direct or indirect, and there is a potential that Tiger Global may provide cash injection to one of the franchise’s current shareholders. The transaction will also likely be finished soon. Currently, Manoj Badale’s Emerging Media IPL Ltd., which holds a 65% ownership part in the franchise, is a co-owner of Rajasthan Royals.
There were discussions about investments with other Indian Premier League franchises, according to the report. Tiger Global is a shareholder in Dream Sports, which operates Dream11, a well-known sports fantasy game website. The company has sponsored businesses like Zomato, Ola, and Delhivery in addition to e-commerce giants such as Flipkart and Amazon.
The decision was made while the tech and startup industries were already feeling the effects of slowdown worries and a funding winter that had dried up new sources of finance. According to a recent survey, just 11 agreements have been completed so far this calendar year by the top three startup investors in India, Sequoia, Tiger Global, and SoftBank, compared to 60 during the same period previous year.
According to the research, Tiger Global spent more than USD 6.1 billion across 240 agreements between 2014 and 2022. The Rajasthan Royals investment may be a step towards diversifying into non-tech industries.
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