Homegrown Kedaara Capital is vying for a spot in the $200 million (about Rs 1,500 crore) fundraising exercise of fantasy sports platform Dream11, persons in the know told The Economic Times.
The private equity investor is competing with global and domestic funds such as TPG, Advent International, James Murdoch’s Lupa Systems and Chrys Capital, which have already evaluated the opportunity delayed by lockdown at up to $2.25 billion, the people said.
This would be the largest capital raise for the firm and will predominantly be a secondary sale of shares, providing a partial exit to Vani Kola-led Kalaari Capital, Renuka Ramnath-founded Multiples Alternate Asset Management and San Francisco-based Think Investments. There will also be a small fund infusion into the company through a primary sale, officials said.
These investors also sold partial stakes in the previous round in April last year. Steadview Capital had picked up a stake in Dream11 for an estimated $60 million at that time.
Meanwhile, India’s foreign direct investment (FDI) policy may allow 100% overseas investment in completed housing projects, people in the know told The Economic Times.
If implemented, this will allow real estate companies to monetise completed projects, fetch liquidity, and also help revive an economically critical sector.
India currently allows 100% FDI through the automatic route in construction-development projects — townships, residential and commercial buildings, roads, bridges, hotels, resorts, hospitals, educational institutions, recreational facilities and city and regional-level infrastructure. This is subject to conditions such as a three-year lock-in period.
“There are only limited sectors where FDI norms can be further relaxed and housing is one of them,” said an official. The government is also looking at reforms in mining and certain sectors where there are still some restrictions.
The Department for Promotion of Industry and Internal Trade (DPIIT) plans to seek cabinet approval for relaxing norms to allow up to 74% FDI in defence manufacturing under the automatic route.