
Tiger Global, known for its investments in tech-focussed companies, is in talks to pick a stake in Rajasthan Royals, the Indian Premier League (IPL) franchise. Rajasthan Royals aka RR, is owned by UK-based Manoj Badale, who has had a majority stake of 60 per cent since he bagged the rights in 2008.
According to a report in The Economic Times that cited sources, the New York-based investor is planning to invest $40 million in Rajasthan Royals at a valuation of $650 million. As per people in the know, the deal is nearly complete.
As per the report, the capital infusion could be a direct or an indirect one, wherein Tiger Global may back one of the shareholders in Rajasthan Royals. The deal with Rajasthan Royals comes as the investor was scouting for opportunities in the IPL. This would be Tiger Global’s expansion beyond the digital ecommerce space, for which it is widely known. Tiger Global is an early backer of e-commerce giant Flipkart.
The investor reportedly held talks with other franchises also but the deal with Rajasthan Royals is likely to materialise soon, the financial daily said.
A Rajasthan Royals spokesperson denied the reports of any transactions, while Tiger Global said they had no comment, as per the report.
In 2021, US-based RedBird Capital picked up shares in a secondary deal valuing Rajasthan Royals at more than $250 million.
Meanwhile, Tiger Global, known for backing companies like Flipkart, Zomato, Ola and Delhivery among others, also holds a stake in online fantasy gaming major Dream Sports that run Dream 11.
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