Rajasthan Royals Acquisition, Valuation, Funding & Investors

Rajasthan Royals was acquired by Lakshmi Mittal and Adar Poonawalla for $1.6B in May 2026, a 21.4x multiple on $77M of revenue.

Rajasthan Royals acquisition price

$1.6B

Acquired by Lakshmi Mittal, Adar Poonawalla · May 2026

Rajasthan Royals revenue at acquisition

$77M

Last twelve months · May 2026

Rajasthan Royals revenue multiple at acquisition

21.4x

EV/Revenue · May 2026

Cumulative funding Rajasthan Royals raised

$40M

across 1 funding round

Rajasthan Royals Overview

About Rajasthan Royals

Rajasthan Royals is one of the eight founding franchises of the Indian Premier League (IPL), the Twenty20 cricket league that has become one of the world's most valuable sports properties. The team has been majority-owned by UK-based Emerging Media Ventures, led by Manoj Badale, and has also drawn investment from US-based RedBird Capital and Tiger Global. Rajasthan Royals also owns associated overseas franchises, Paarl Royals in South Africa and Barbados Royals in St. Lucia.


Founded

2008

HQ

IndiaIndia

Status

Acquired

Customer focus

B2C

Revenue model

Product sales, Advertising

Revenue

$28M (Jun 2023)

Valuation

$925M (Jun 2023)

Rajasthan Royals Acquisition

Rajasthan Royals was acquired by Lakshmi Mittal and Adar Poonawalla for $1.6B on 2 May 2026.

The acquisition price implies a 21.4x revenue multiple on $77M of revenue.

Before the acquisition Rajasthan Royals had raised $40M across 1 funding round.

A consortium led by the Lakshmi Mittal family and Adar Poonawalla agreed to acquire Rajasthan Royals IPL franchise and associated overseas teams, Paarl Royals in South Africa and Barbados Royals in St. Lucia, from a consortium led by Manoj Badale. The deal values the assets at $1.65 billion. Post-transaction, Mittal family holds 75% stake, Poonawalla 18%, and Badale's group retains 7%. Transaction expected to close in Q3 2026, subject to BCCI, CCI, and IPL Governing Council approvals. The acquisition reflects diversification into sports by the Mittal family, known for steel industry investments, partnering with Poonawalla of vaccine manufacturing. It follows RPSG Group's purchase of Lucknow Super Giants for Rs 7,090 crore in 2021, amid rising IPL franchise valuations. Rajasthan Royals, an IPL franchise since 2008, reported H1 FY26 revenue of Rs 495.9 crore and profit of Rs 63.7 crore. FY25 revenue moderated 20% to an undisclosed figure.

Rajasthan Royals acquisition details
AcquirerDateTypePriceEV/Revenue
  • Lakshmi Mittal
  • Adar Poonawalla
2 May 2026Strategic M&A$1.6B21.4x

Rajasthan Royals Valuation

Rajasthan Royals is currently valued at $925M, based on its undisclosed-stage round in June 2023.

The $40M round included Tiger Global.

Rajasthan Royals valuation by funding round

Rajasthan Royals valuation by funding round
DateStageValuationRevenue Multiple
Jun 2023Undisclosed stage$925M33.0x

Rajasthan Royals Revenue

Rajasthan Royals' latest recorded revenue is $28M, as of its undisclosed-stage round in June 2023. At a $925M valuation, that implies a 33.0x revenue multiple.

Rajasthan Royals revenue by funding round

Rajasthan Royals revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jun 2023$28M$925M33.0xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Rajasthan Royals Funding History

Rajasthan Royals has raised a total of $40M across 1 funding round.

Rajasthan Royals funding rounds

Rajasthan Royals funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2023Undisclosed stageTiger Global$40M$925MRajasthan Royals is one of the eight founding franchises of the Indian Premier League (IPL), a major cricket league with growing global popularity and high franchise valuations. Majority-owned by UK-based Emerging Media Ventures led by Manoj Badale, the team has previously attracted investment from US-based RedBird Capital, which acquired a minority stake in 2021 or 2022 at a valuation of around $200-250 million. Tiger Global, a New York-based investment firm known for tech startups but diversifying into sports, was in advanced talks in May 2023 to invest approximately $40 million for a minority stake, valuing the franchise at $650 million—a significant increase from prior rounds. The proposed deal positions Tiger Global as a minority partner alongside existing owners, capitalizing on IPL's explosive growth; the league's total franchise value reached $10.9 billion in 2022, up 75% from 2020, with brand value at $8.4 billion and annualized growth outpacing NBA and NFL. Rajasthan Royals, captained by Sanju Samson with stars like Jos Buttler and Yashasvi Jaiswal (who scored 625 runs in IPL 2023), had been eliminated from the 2023 season by the time of the reports. The IPL's rising valuations have drawn financial investors, with Tiger Global also backing Dream11, a fantasy platform tied to the league.

Who has invested in Rajasthan Royals?

1 investor has backed Rajasthan Royals across its funding rounds, including Tiger Global.


Rajasthan Royals Investors

Investors in Rajasthan Royals by funding rounds participated
InvestorHQRoundsRoleFirst check

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Rajasthan Royals Competitors

Rajasthan Royals competitors include listed companies like Crisp Momentum and DeNA, and private ones like Suning Sports, KingMakers, Fenway Sports Group and Matchroom.

Public and private companies comparable to Rajasthan Royals
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Suning SportsChinaNanjingPrivate--$2.6B-
KingMakersNigeriaLagosPrivate--$969M-
Fenway Sports GroupUnited StatesBoston, MAPrivate--$7.3B-
Crisp MomentumUnited StatesUnited StatesPublicly listed$0K($8M)$44M-
MatchroomUnited KingdomUnited KingdomPrivate--$1.6B-
DeNAJapanJapanPublicly listed$950M$177M$1.5B1.1x

Rajasthan Royals Public Comps

Rajasthan Royals is no longer listed, but its public comps include DeNA, MNC Digital Entertainment, Juventus FC, Better Collective, Ollamani, HUYA, Borussia Dortmund, Fenerbahce SK, Atlanta Braves Holdings and Manchester United.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
DeNA$950M$177M1.1x1.1x5.8x6.5x
MNC Digital Entertainment$216M$73M4.7x-14.0x-
Juventus FC$602M$125M2.1x2.2x10.1x10.3x
Better Collective$388M$100M2.5x2.4x9.8x7.7x
Ollamani$378M$39M2.1x1.9x20.5x11.3x
HUYA$970M($27M)0.1x0.1x(4.2x)11.3x
Borussia Dortmund$606M$133M0.7x0.8x3.1x3.6x
Fenerbahce SK$176M$17M2.3x-22.9x-

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Common questions about Rajasthan Royals

When was Rajasthan Royals founded?Rajasthan Royals was founded in 2008.
Where is Rajasthan Royals headquartered?Rajasthan Royals is headquartered in India.
Is Rajasthan Royals publicly listed?No, Rajasthan Royals was acquired by Lakshmi Mittal and Adar Poonawalla in May 2026.
Who acquired Rajasthan Royals?Rajasthan Royals was acquired by Lakshmi Mittal and Adar Poonawalla in May 2026.
How much was Rajasthan Royals acquired for?Rajasthan Royals was acquired for $1.6B in May 2026, a 21.4x revenue multiple.
What is Rajasthan Royals' valuation?Rajasthan Royals was last valued at $925M in its undisclosed-stage round in June 2023.
How much funding has Rajasthan Royals raised?Rajasthan Royals has raised $40M across 1 funding round.
What was Rajasthan Royals' last funding round?Rajasthan Royals' last funding round was a $40M undisclosed-stage round in June 2023.
Who are Rajasthan Royals' investors?Rajasthan Royals' investors include Tiger Global.
What is Rajasthan Royals' revenue?Rajasthan Royals' latest recorded revenue is $28M (June 2023).
What is Rajasthan Royals' revenue multiple?Rajasthan Royals' latest valuation implies a 33.0x revenue multiple ($925M valuation on $28M of revenue).
Which companies are comparable to Rajasthan Royals?Companies comparable to Rajasthan Royals include Suning Sports, KingMakers, Fenway Sports Group, Crisp Momentum, Matchroom and DeNA.

See companies similar to Rajasthan Royals

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