Chinese gaming conglomerate Tencent Holdings Ltd has invested in Mumbai-based Dream11 Fantasy Pvt, which operates a fantasy sports website in India, local media reports.
Dream 11’s existing investors include Kalaari Capital and private equity firm Multiples Alternate Asset Management, which also put in money this round.
According to an unnamed source, total funding is slightly higher than $100 million, but the transaction has not been completed yet.
A spokesperson for Dream11 confirmed that Tencent and existing investors participated in the Series D round, but did not confirm the amount raised.
Tencent’s investment in Dream 11 comes at a time of increased pressure in China with the government aiming to fight video gaming addiction in children.
Most recently, a boy in China lost his life jumping out of a four-story building trying to emulate a character in FPS shooter Player Unknown Battlegrounds – a game also owned by Tencent.