IPL: Tiger Global to infuse $40 million in Rajasthan Royals

New York-based firm, Tiger Global is likely to pick up a financial stake in an IPL franchise Rajasthan Royals. It is understood that the investors are looking to infuse $40 million in the franchise at a $650 million valuation.

Notably, Tiger Global is well known for funding businesses including Flipkart, Zomato, Ola, and Delhivery among others. The firm also owns a share in the largest provider of online fantasy sports, Dream Sports, which operates Dream11.

As per a report by the Economic Times, the New York-based investors initially held talks with a few other franchises. However, the deal with the Royals could likely come to fruition. The firm is speculated to infuse $40 million, which will take the overall valuation to $650 million.

Presently, Rajasthan Royals’ parent entity – Emerging Media, is owned by the UK-based entrepreneur, Manoj Badale. He holds over 60 per cent of the stake in the franchise since 2008. In 2021, the US-based firm, RedBird Capital, picked up shares in a secondary deal valuing the Royals for more than $250 million. As per ET, the investment in the Royals by Tiger Global could be either direct or indirect and the latter is likely to back one of the shareholders through the capital infusion.