Investment firm Tiger Global is set to purchase a stake in Indian Premier League franchise Rajasthan Royals. The firm is well-known for its investments in the domain of technology and now, would make its foray into the IPL. According to a report in The Economic Times, an investment of $40 million is set to be made by the New York-based investment company, which would take Rajasthan Royals’ valuation to $650 million. The report also states that this investment may be a direct or an indirect one and there are chances of Tiger Global backing one of the existing shareholders of the franchise through capital infusion. 'See You in 2024 Rajasthan Royals' Yuzvendra Chahal Shares Heartwarming Message As RR’s IPL 2023 Season Comes to an End (See Post).

The deal is also set to be completed soon. Rajasthan Royals is currently co-owned by Emerging Media IPL Ltd, led by Manoj Badale, which has a 65% stake in the franchise. The report also states that there were talks of investment with other IPL franchises. Tiger Global also holds a stake in Dream Sports, which runs Dream11, the popular sports fantasy gaming platform. The investment firm has backed e-commerce giants Flipkart and supported companies like Zomato, Ola and Delhivery.

Rajasthan Royals had an average season in IPL 2023, with them failing to qualify for the playoffs. After a squad overhaul last season, Rajasthan Royals had made it to the final of IPL 2022, where they lost to eventual winners Gujarat Titans.

(The above story first appeared on LatestLY on May 22, 2023 11:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).