Krafton eyes entry into IPL ownership, in early talks for minority stake in Rajasthan Royals

Krafton India has entered preliminary talks to acquire a minority stake in Indian Premier League (IPL) franchise Rajasthan Royals, marking what could be a first-of-its-kind convergence between the country’s booming gaming ecosystem and mainstream sports ownership.

According to CNBC TV18, the South Korean publisher of Battlegrounds Mobile India (BGMI) is exploring a secondary purchase from an existing investor within the Manoj Badale-led ownership group. Early valuation assessment has begun, though the contours of a potential deal remain fluid.

If the transaction materialises, Krafton would become the first global gaming company to hold equity in an IPL team — a development that could reshape the commercial dynamics of both sectors. Traditionally, sports franchises have attracted institutional investors, private equity funds, and conglomerates; gaming publishers have not previously taken positions in professional sports teams in India or globally. Industry executives say Krafton’s interest signals the increasing convergence of digital entertainment, esports, and mainstream cricket audiences.

In parallel, the Adani Group has separately been approached regarding a controlling stake or even a full buyout of the franchise, according to multiple reports. These conversations are understood to be independent of Krafton’s potential investment. While Adani’s interest level remains unclear, a change of control would significantly alter the ownership structure of the Jaipur-based team.

A Krafton India spokesperson dismissed any specific linkage to IPL-related investments as “completely and utterly speculative,” adding that the company continually evaluates partnership opportunities but that it was “extremely premature” to associate those explorations with any particular outcome. However, people familiar with the negotiations said discussions with the franchise are ongoing, albeit at an early stage. Rajasthan Royals did not respond to queries.

The talks come at a moment of transition for the franchise, which has seen a churn in its leadership. Rajasthan Royals have lost their CEO, head coach, and captain in a short span, even as a long-term investor has been exploring an exit. The team’s ownership is structured like a fund, with a general partner managing multiple limited partners, a format that adds layers of complexity to any transaction, whether minority or majority.

People aware of the matter said the Royals’ management is inclined toward bringing in a strategic minority partner — such as Krafton — rather than pursuing a controlling-stake sale. For Krafton, an investment could deepen its integration with India’s vast cricket fan base, while for the franchise, it may offer access to younger digital-first audiences that increasingly shape the IPL’s commercial future.