The total funding round may be $50-80 million in size as the cricket franchise engages with other investors too, source aware of the ongoing discussions said. ET had reported in May saying New York-based Tiger Global was also looking to pick a stake in Rajasthan Royals.
“Footpath Ventures and others are engaging to finalise the contours of the round. They are aiming to close it before the player auctions begin later this month,” a person aware of the matter said.
It is not clear yet if Tiger Global still is going to invest in the firm. The investment fund has recorded losses on its private investments following markdowns in portfolio firms’ valuation of its startup bets globally, and its global head for private investments, Scott Shleifer, is now stepping down from his role at the fund.
Emerging Media is the parent firm of Rajasthan Royals, which is owned by UK-based Manoj Badale who holds more than 60% in the franchise and had bagged the rights in 2008.
When contacted, Badale declined to comment on the matter while an email sent to Footpath Ventures did not elicit any response.
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ET reported on December 14 citing a report from Brand Finance which said the IPL has become a decacorn, with its combined brand value jumping 28% to $10.7 billion. The report said the total brand value of the IPL system has surged by 433% since its 2008 launch.The 2023 edition of IPL reached 505 million viewers on TV and over 450 million on digital. Disney Star holds the TV rights to the IPL, while JioCinema owns the digital rights.
IPL is one of the most watched cricketing events where large brands and firms spend top dollars for marketing. Chennai Super Kings, Royal Challengers Bangalore, Kolkata Knight Riders are among the other top franchises in the cricketing tournament.
