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Global Cricket Ventures raises $10 million in Series-A funding from Elephant Capital

Global Cricket Ventures (GCV) Mauritius, which owns Cricket.com and has exclusive license of online, digital and mobile rights to Indian Premier League (IPLT20.com) and digital and online rights to Champions League Twenty20 (CLT20.com) until 2017, has received $10 million in Series-A funding from Elephant Capital.

Global Cricket Ventures (GCV) Mauritius, which owns Cricket.com and has exclusive license of online, digital and mobile rights to Indian Premier League (IPLT20.com) and digital and online rights to Champions League Twenty20 (CLT20.com) until 2017, has received $10 million in Series-A funding from Elephant Capital.

Under the deal, Elephant Capital has acquired 50 per cent stake in Global Cricket Ventures. However, GCV plans to subsequently raise Series-B funding of upto $5 million which may dilute Elephant Capital’s stake in the company.

Gaurav Burman, director, Elephant Capital, has said, “This investment gives Elephant Capital a stake in an exciting online and broadcast media business that has managed to aggregate a collection of excellent sports rights. We believe that with the continued success of the Twenty20 format, the value of these rights will appreciate significantly.”

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