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Grapevine: Tiger Global closes mega fund, likely to lead Dream11 funding
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New York-based Tiger Global Management has closed a $3.75 billion (about Rs 26,800 crore at current exchange rate) global private investment vehicle, multiple media reports said.

India will be among the three key focus geographies for the new vehicle — Tiger Global Private Investment Partners XII -- along with China and the US, the reports added.

The new fund comes after Tiger Global closed PIP XI in late 2018 after raising the same amount, regulatory filings show.

After more than a three-year hiatus, the New York firm sealed 23 startup funding deals in India in 2019, The Times of India said referring to data from Tracxn.

Also, the investor is likely to lead a $500 million (Rs 3,571 crore at current exchange rate) funding round in fantasy gaming platform Dream11, owned by Sporta Technologies Pvt. Ltd, three people aware of the matter told Mint.

Dream11 could be pour in up to $200 million through primary infusion and secondary share purchase from Kalaari Capital, Think Investment and private equity firm Multiples at a valuation of close to $2.5 billion, the people cited above said.

Dream11 became a unicorn, valued at over a billion dollars ($1.1 billion), in April 2019, when US-based hedge fund Steadview Capital led a $60 million round by purchasing stakes from early investors.

Dream11 had about 50 million subscribers in February last year, which doubled by the end of 2019, the people cited above said.

In another development, Pramit Jhaveri, Citi’s longest-serving former India CEO, is being considered as a trustee in the Sir Dorabji Tata Trust, one of the two main trusts that holds a significant stake in Tata Sons, two people close to the development told The Economic Times.

The vacancy opened after the resignation of managing trustee R Venkataramanan in March 2019. 

Separately, Canada’s Brookfield Asset Management is looking to acquire a majority stake in Mumbai-based IndoStar Capital Finance, either through buying promoters’ stake owned by Everstone Capital and Goldman Sachs or through new preference shares or a mix of both, two people in the know told The Economic Times.

Also, Biocon chairperson and managing director Kiran Mazumdar-Shaw told The Economic Times that the firm will raise $200 million (Rs 1428.6 crore at current exchange rate) for its biologics subsidiary and list it in about two years.

She added that a stock dilution of Biocon Biologics to raise $200 million would “unlock huge value for Biocon”.

Earlier this month, Biocon said venture capital firm True North would invest Rs 536 crore (roughly $75 million) to pick up 2.44% stake in the subsidiary, at a pre-money equity valuation of Rs 21,450 crore ($3 billion).

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