Chinese Internet conglomerate Tencent has reportedly bought a majority stake in Mumbai-based fantasy gaming startup Dream11 Fantasy, reports CNBC-TV18. According to the report, Tencent values the Indian start up at around $750 million. In an interview to the channel, the company’s founder and CEO, Harsh Jain, confirmed securing fresh funds from the Chinese firm. However, he declined to disclose the details of the transaction. CNBC-TV18 claims that post the deal, Jain's stake in the company will reduce to around 35%. Other reports suggested that Dream11 raised a little over $100 million in a Series D funding round led by Tencent. According to the report by VCcircle, a Dream11 spokesperson also confirmed that Tencent and existing investors participated in the Series D round, but declined to comment on the financial details. Dream11 previously raised an undisclosed amount from Kalaari Capital in 2015 and from multiple PE in December 2017. Think Investments and Multiples Equity are also listed as its partners, according to the company’s website. MediaNama reached out to Tencent Holdings and Dream11 for a comment on the deal; the story will be updated in case of a reply. On Dream11 Founded in 2012 by Harsh Jain and Bhavit Sheth, Dream11 allows users to create virtual teams comprising real-life players and lets them organise matches based on statistical performances of those players in real games. The platform offers fantasy cricket, football, kabaddi and basketball, and is the official partner of the Hero Caribbean Premier League T20 tournament, the NBA and Indian Super…
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