Mumbai: Dream Sports<\/a>, the parent company of Indian Premier League’s official partner Dream11<\/a>, is in exploratory talks with investment banks for a US listing by early next year, joining the league of Indian tech unicorns preparing for overseas listings.

Dream Sports may raise about $1.5 billion through the listing, valuing the company at $6 billion, an almost 40% increase from the funding round that concluded last month, said at least three people aware of the plans.

Investment banks Morgan Stanley, JP Morgan and Citigroup are among those that made presentations to the company in the first week of April. No firm initial public offering (IPO) mandate has been given and neither has the quantum of fundraising or the timeline.

“The bankers have made presentations. The company indicated that the next round of fundraising could be through a listing. So talks are in that direction,” one of the people said.

There are indications that Dream Sports may tap a listing via a special purpose acquisition company (
SPAC<\/a>), or blank cheque company, in the US.

Harsh Jain<\/a>, co-founder of Dream Sports, is a board member of Think Elevation<\/a> Capital Growth Opportunities, a SPAC launched by Ravi Adusumalli<\/a> and Shashin Shah<\/a> focused on Indian tech companies seeking to list in the US.

The planned listing may involve both a primary and secondary sale of shares. Some of Dream Sports’ early backers may use this opportunity to exit, said people with direct knowledge of the matter.

Mails sent to Jain on Saturday remained unanswered as of publishing this story. A company spokesperson did not immediately respond to queries.

Jain told ET in an interview last month that unlike many of his peers, he won’t be tapping the public markets just yet. “We have no plans to IPO… We want to go public as a sports-tech company. For that we need to have a substantial portion of our business coming from non-fantasy sports,” Jain had said then. Instead the company will look to diversify its offerings even as it has turned profitable. Jain, however, did not offer details of the company’s financials, ET reported in its March 5 edition.

Dream Sports raised $400 million last month from tech investors including TCV, D1 Capital Partners and Falcon Edge, while existing investors Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures also participated. The investment increased the company’s valuation to $3.6 billion from $2.5 billion in September 2020, when it secured $225 million in funding from Tiger Global, TPG Tech Adjacencies and ChrysCapital.

All investors, including early investors such as Multiples Alternate Asset Management and Kalaari Capital, together hold about 80% in Dream Sports.

Set up in 2008, the sports technology company became the first Indian gaming startup to enter the unicorn club and has raised about $720 million so far. In 2019, Dream11 generated revenue of Rs 775 crore compared with Rs 224 crore in 2018, according to the company’s annual filings.

For several years, the Mumbai-based company had failed to woo investors and remained entangled in legal battles as virtual betting or fantasy sports was considered illegal in India. However, a favourable court order in 2017 removed the legal hurdles. Even though it is still not available on the Google Play Store, it has 100 million users and is growing.

“They do not require further cash right now. However, towards next year, they may require another fund raising and that will be through a listing process, for which negotiations have already started,” said another person.

Dream11 won the title sponsorship rights for the 2020 edition of IPL for Rs 222 crore and is one of the official partners. The company has also been associated with the International Council of Cricket, Indian Super League, Big Bash League, National Basketball Association, Caribbean Premier League, International Hockey Federation and Pro Kabaddi League.

Just as in the US, online gaming has grown exponentially in India over the past two years. Recently, the Mobile Premier League raised $95 million in a Series D round and is poised to join the billion-dollar valuation club. Mobile gaming company Nazara Technologies became the first gaming firm in India to get listed. The initial public offering mopped over Rs 260 crore from anchor investors before the listing.
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Dream11父母梦想体育重1.5美元我们清单

有迹象表明梦体育需要SPAC路线我们清单,严厉的耆那教的创始人是SPAC的董事会成员发起Ravi Adusumalli和照片沙关注印度科技初创公司在美国上市。

Indulal点 Reghu Balakrishnan
  • 更新于2021年4月19日08:08点坚持
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孟买:梦想体育,印度板球超级联赛的母公司的官方合作伙伴Dream11在勘探与投资银行,我们明年初上市,加入联盟的印度科技独角兽准备海外上市。

梦想运动可能通过上市筹集约15亿美元,公司市值为60亿美元,几乎增加40%的一轮融资总结上个月,说至少三人意识到计划。

投资银行摩根士丹利、摩根大通和花旗都演示了该公司4月的第一周。没有公司的首次公开发行(IPO)授权,没有量子筹款或时间表。

广告
“银行家们演示。该公司表示,下一轮融资可以通过清单。所以谈判是在这个方向上,”一位知情人士说。

有迹象表明体育梦想可能利用清单通过特殊目的收购公司(SPAC),或者空白支票公司,在美国。

严厉的耆那教徒的梦想运动的创始人之一,是董事会的成员认为海拔资本增长机会SPAC发起拉维Adusumalli照片沙关注印度科技公司寻求在美国上市。

计划的清单可能涉及中小学出售股票。梦想体育的一些早期的支持者可能会利用这个机会退出,直接了解的人表示。

邮件发送到Jain周六出版这个故事仍然悬而未决。公司的一位发言人没有立即对此事作出回应。

Jain对ET上个月在一次采访中说,与许多同龄人一样,他不会利用公开市场。“我们没有计划在IPO…我们想sports-tech公司上市。为此我们需要我们业务的很大一部分来自non-fantasy运动,”Jain说。相反,该公司将寻求多样化产品即使它变得有利可图。耆那教徒,然而,没有提供公司的财务细节,等报告在3月5日版。

广告
梦想体育筹集了4亿美元上个月从科技投资者包括TCV D1 Capital Partners和猎鹰边缘,而现有投资者老虎全球,ChrysCapital, TPG增长,Steadview资本和小径企业也参加了。投资增加了公司的估值从25亿美元到36亿美元在2020年9月,当它获得了2.25亿美元的资金从老虎环球,TPG科技邻接和ChrysCapital。

等所有的投资者,包括早期投资者倍数交替Kalaari资本和资产管理,持有约80%的梦想一起运动。

体育科技公司成立于2008年,成为第一个印度游戏启动进入独角兽俱乐部,到目前为止已经筹集了大约7.2亿美元。2019年,Dream11生成775卢比的收入与2018年的224卢比相比,根据公司的年度财务报告。

几年来,这家总部设在孟买的公司未能吸引投资者和保持卷入法律纠纷作为虚拟赌博或幻想体育在印度被认为是违法的。然而,有利的法院2017年消除法律障碍。尽管它仍然无法使用谷歌玩商店,它拥有1亿用户,并且还在增加。

“他们现在不需要进一步的现金。然而,明年,他们可能需要另一个融资,将通过上市过程,谈判已经开始,”另一个人说。

Dream11赢得了2020年版的标题赞助权利IPL 222卢比,官方的合作伙伴之一。该公司还与国际板球理事会,印度板球超级联赛,大Bash联盟,国家篮球协会,加勒比英超国际曲棍球联合会和职业联盟卡巴迪。

就像在美国,网络游戏已经在印度在过去两年中呈指数级增长。最近,移动在一系列D一轮英超筹集了9500万美元,准备加入数十亿美元的估值俱乐部。手机游戏公司Nazara技术成为第一个游戏公司在印度上市。首次公开发行(ipo)擦去260卢比从锚定投资者在上市之前。

  • 发布于2021年4月19日08:08点坚持
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Mumbai: Dream Sports<\/a>, the parent company of Indian Premier League’s official partner Dream11<\/a>, is in exploratory talks with investment banks for a US listing by early next year, joining the league of Indian tech unicorns preparing for overseas listings.

Dream Sports may raise about $1.5 billion through the listing, valuing the company at $6 billion, an almost 40% increase from the funding round that concluded last month, said at least three people aware of the plans.

Investment banks Morgan Stanley, JP Morgan and Citigroup are among those that made presentations to the company in the first week of April. No firm initial public offering (IPO) mandate has been given and neither has the quantum of fundraising or the timeline.

“The bankers have made presentations. The company indicated that the next round of fundraising could be through a listing. So talks are in that direction,” one of the people said.

There are indications that Dream Sports may tap a listing via a special purpose acquisition company (
SPAC<\/a>), or blank cheque company, in the US.

Harsh Jain<\/a>, co-founder of Dream Sports, is a board member of Think Elevation<\/a> Capital Growth Opportunities, a SPAC launched by Ravi Adusumalli<\/a> and Shashin Shah<\/a> focused on Indian tech companies seeking to list in the US.

The planned listing may involve both a primary and secondary sale of shares. Some of Dream Sports’ early backers may use this opportunity to exit, said people with direct knowledge of the matter.

Mails sent to Jain on Saturday remained unanswered as of publishing this story. A company spokesperson did not immediately respond to queries.

Jain told ET in an interview last month that unlike many of his peers, he won’t be tapping the public markets just yet. “We have no plans to IPO… We want to go public as a sports-tech company. For that we need to have a substantial portion of our business coming from non-fantasy sports,” Jain had said then. Instead the company will look to diversify its offerings even as it has turned profitable. Jain, however, did not offer details of the company’s financials, ET reported in its March 5 edition.

Dream Sports raised $400 million last month from tech investors including TCV, D1 Capital Partners and Falcon Edge, while existing investors Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures also participated. The investment increased the company’s valuation to $3.6 billion from $2.5 billion in September 2020, when it secured $225 million in funding from Tiger Global, TPG Tech Adjacencies and ChrysCapital.

All investors, including early investors such as Multiples Alternate Asset Management and Kalaari Capital, together hold about 80% in Dream Sports.

Set up in 2008, the sports technology company became the first Indian gaming startup to enter the unicorn club and has raised about $720 million so far. In 2019, Dream11 generated revenue of Rs 775 crore compared with Rs 224 crore in 2018, according to the company’s annual filings.

For several years, the Mumbai-based company had failed to woo investors and remained entangled in legal battles as virtual betting or fantasy sports was considered illegal in India. However, a favourable court order in 2017 removed the legal hurdles. Even though it is still not available on the Google Play Store, it has 100 million users and is growing.

“They do not require further cash right now. However, towards next year, they may require another fund raising and that will be through a listing process, for which negotiations have already started,” said another person.

Dream11 won the title sponsorship rights for the 2020 edition of IPL for Rs 222 crore and is one of the official partners. The company has also been associated with the International Council of Cricket, Indian Super League, Big Bash League, National Basketball Association, Caribbean Premier League, International Hockey Federation and Pro Kabaddi League.

Just as in the US, online gaming has grown exponentially in India over the past two years. Recently, the Mobile Premier League raised $95 million in a Series D round and is poised to join the billion-dollar valuation club. Mobile gaming company Nazara Technologies became the first gaming firm in India to get listed. The initial public offering mopped over Rs 260 crore from anchor investors before the listing.
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