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20 Apr 2018, Aleen Joy Jarasa, EMIS Editor

Tencent invests $100 million in India’s Dream11

Tencent is in advanced talks to invest $100 million (Rs 656.63 crore) in the Indian online fantasy sports platform Dream11, The Economic Times has reported. According to the sources, the Chinese internet company has offered a term sheet for a transaction that could potentially value the Indian company at a pre-money valuation of $400-$450 million.

The development comes shortly after the High Courts ruled in favor of Dream11, judging that playing online games on the platform does not equal to gambling. The ruling has cleared the decks for a substantial investment from global investors and potentially giving a major boost to the sports gaming industry, The Economic Times has added.

Once the deal is sealed, it will be the second largest deal closed by Tencent in India over the last two months, with the $115-million investment in Gaana being the first.

Sign in and read the full article in emis.com Original source: The Economic Times