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Tencent is reportedly advancing talks with Mumbai-based fantasy sports platform Dream 11 on an estimated 100 million investment, according to Economic Times reports.
A source familiar with the deal said transaction details provided by Tencent estimate Dream 11’s valuation at $400 to 450 million.
If successful, the deal could potentially change India’s growing gaming industry. The investment in Dream 11 would be the second major deal Tencent closed in India in the past two months. In February, the Chinese internet giant agreed to lead a $115 million investment in music streaming service Gaana.
China’s tech giants including the BAT (Baidu, Alibaba, and Tencent) have been eyeing opportunities in the world’s third-largest economy. As China’s largest game publisher, Tencent, in particular, has expressed interest in investing in the gaming market and scouting for up-and-coming startups.
These resourceful Chinese tech firms have been pouring capital into the Indian market and their money is deciding who the top players in tech are going to be. Indian companies backed by the Chinese have access to extensive funds and resources that allow them to put smaller players out of business.