SoftBank Vision Fund, Naspers Ventures and Tiger Global Management are looking to invest up to $500 million (about Rs 3,586 crore at current exchange rate) in Indian gaming unicorn Dream11 Fantasy Pvt. Ltd at a valuation of up to $2.5 billion, people in the know told The Times of India.
The people hinted that the transaction may consist of $300 million primary infusion and $200 million secondary sale by existing investors.
Total transactions on the fantasy gaming platform, projected by Tencent-backed Dream11 to be around $650 million for the financial year ending in March 2019, crossed the $1 billion mark before breaching the $2 billion mark after the recent season of IPL and ICC Cricket World Cup, according to one of the persons.
Meanwhile, Walmart-owned online retailer Flipkart is close to investing around $40 million (about Rs 287 crore at current exchange rate) in logistics startup Shadowfax Technologies Pvt. Ltd at a likely valuation of $200 million, two people familiar with the matter told The Economic Times.
“Flipkart has put in a term sheet and the due diligence is going on right now,” a person added.
In August last year, Shadowfax raised $22 million in a round led by NGP Capital, World Bank’s International Finance Corporation (IFC), Mirae Asset and Qualcomm Ventures.
In another development, A US-based private equity real estate fund and a family office are among the six bidders looking to buy a commercial building from Lodha Developers at its project New Cuffe Parade in central Mumbai’s Wadala locality, two people in the know told The Economic Times. The bidders include pension and private equity funds as well as a domestic real estate fund.
The commercial building with 665,000 square feet of office space spread over 28 floors is expected to be valued at up to Rs 1,200 crore ($167.3 million at current exchange rate), the people said, adding that Lodha Developers will utilise the proceeds to reduce its debt obligation.
Also, Computer Age Management Services Pvt. Ltd (CAMS), a registrar and transfer agent serving 16 mutual funds in India, is hiring investment banks for its proposed Rs 1,000 crore ($139.4 million at current exchange rate) initial public offering (IPO), three people aware of the development told Mint.
Existing investors are looking to divest their partial stakes through the IPO, including Housing Development Finance Corp. Ltd or HDFC, global private equity (PE) investor Warburg Pincus LLC, India’s mid-market PE firm Faering Capital and NSE Investments Ltd, a unit of the National Stock Exchange Ltd, the persons added.
Founded in 1998, CAMS is one of India’s largest registrar and transfer agents that processes mutual fund transactions and maintains investors’ records. It offers physical touch points for receipt, verification and processing of financial and non-financial transactions. The company also offers back-end services to mutual fund houses for subscription, redemption, systematic investment plans, transfers and dividends.