South African internet conglomerate Naspers is looking to buy a $100 million stake in online fantasy start-up Dream 11, local media reports.
Following bumper earnings from the Cricket World Cup and Indian Premier League, Dream11 is now seeking a valuation of $2.5 billion.
An investor close to the matter said that there has been significant inbound interest from investors to Dream11.
Founded by Harsh Jain and Bhavit Sheth in 2008, Dream11 offers games such as cricket, kabaddi and football. The company has emerged as one of the fastest growing tech startups in India, driven by a lack of competition in the space, a large user base and avid following of sports, especially cricket.
Last year, Tencent was seen investing $100 million into the start up.
In April this year, Dream11 became the country’s first gaming unicorn, attracting a valuation of $1 billion or more.
The valuation followed an investment by Hong Kong and London-based Steadview Capital.