Tiger Global to invest in Rajasthan Royals at a likely valuation of $650 mn
.webp)
Tiger Global is in talks to acquire a stake in Indian Premier League's team Rajasthan Royals, making its foray into one of the biggest sports leagues in the world, The Economic Times (ET) reported on Monday.
It said that the investment firm is likely to invest $40 million in the franchise at a valuation of $650 million. In the sports economy, Tiger Global has already invested in India's Dream Sports, which owns the fantasy gaming platform Dream 11.
Tiger Global has been in talks with other franchises too, but the deal with Rajasthan Royals is expected to be completed soon. Earlier in 2021, US-based RedBird Capital had also picked a stake in Rajasthan Royals at a valuation of $250 million. It owns a stake in the baseball team Boston Red Sox and football club Liverpool.
Tiger Global is known for its vast investments in India. It was one of the early backers of e-commerce giant Flipkart and holds stakes in cab aggregator Ola, food delivery platform Zomato and Delhivery, among others.
Its investments have fallen in 2023 in line with global funding winter, but of late, it has been diversifying away from tech companies. It has recently invested in tea chain Chaayos and quick service restaurant chain Wow! Momos.
IPL has also become one of the biggest sports leagues in the world. In 2022, the IPL franchise was valued at $10.9 billion, up 75 per cent from $6.2 billion in 2020.
Owned by UK-based Manoj Badale's Emerging Media, Rajasthan Royals has already been eliminated from the IPL 2023 season. With Sanju Samson as the captain, the team has big players like Joe Root, Jos Buttler, Adan Zampa, Ravichandran Ashwin and Trent Boult.
The team's 21-year-old batsman Yashasvi Jaiswal scored 625 runs in 14 matches this season, becoming one of the most effective upcoming players.
Other Latest News
.webp)
Fintech firm BharatPe on Tuesday said it has elevated its interim CEO and chief financial officer Nalin Negi as full-time chief executive officer.
Negi was given charge of interim CEO in January 2023 after then CEO Suhail Sameer stepped down from the post.
.webp)
Two individuals have been arrested by the Mumbai Crime Branch late on Monday night for allegedly firing shots outside the residence of Bollywood actor Salman Khan in Bandra West on April 14, several media outlets reported.
"Both individuals, who fled Mumbai following the shooting, were apprehended in Bhuj, Gujarat," stated officials, as per news agency ANI. The Mumbai police confirmed that the detained individuals, identified as Vicky Gupta and Sagar Pal from Champaran, Bihar, will be transported to Mumbai for further interrogation.
.webp)
Tata Consultancy Services has topped the LinkedIn's latest list of top companies to work for in India, followed by Accenture and Cognizant in the second and third place respectively.
Professional networking platform LinkedIn on Tuesday released the 2024 Top Companies list for India wherein IT companies bagged the top three ranks, while financial services firms dominated the list with 9 out of 25 companies from this sector.
.webp)
Shares of Vodafone Idea dropped as much as 3.95 per cent to hit an intraday low of Rs 12.64 per share. The drop comes in reaction to the follow-on public offering (FPO) anchor book, which will open today.
Vodafone Idea shares have plunged 25.19 per cent year-to-date (YTD), but have surged 7 per cent in the past 6 months.
.webp)
Srinivas Pallia, who has been a part of Wipro for over three decades, divested all his shares valued at Rs 5 crore in the company approximately a month and a half prior to his appointment as the new chief executive, according to a report by The Economic Times (ET).
Pallia sold his 100,000 Wipro shares through a 'market sale' on February 14 this year, with the transaction being reported to the exchange on February 15. The total transaction amounted to Rs 5.05 crore, the report added. Following the transaction, Pallia's holdings of securities on the BSE were reduced to zero.
.webp)
.webp)
.webp)
.webp)
.webp)
