FidelisWorld invests in India sports management firm

Details of the transaction were not disclosed, but VC Circle puts the deal at around $19.5 million. This second round of PE funding - which has provided an exit to early angel investors - will be used to grow its business globally.

TFI previously raised $10 million from mid-market private equity firm Avigo Capital, which remains invested in the company.

The investment was made via FW Sports Investment Fund LP (FSIF), a sport-focused fund which reached a first close of $100 million last October and has an overall target of $200 million. As a part of the deal, Anand Krishnan, founding partner of FAM and Sripat Pandey, a principal recently hired by FAM from New York-based investment bank Duff & Phelps as principal, will join the board of TFI.

TFI provides arena management technology which consists of digital display systems and in-stadia lighting for sports events like F1, football, rugby, cricket, tennis, hockey, golf and athletics. Over 60% of the company's revenues come from overseas markets in Asia and Europe.

FAM is also said to be eyeing a $10 million investment in Smaaash Entertainment, a venture is jointly owned by Shripal Morakhia, the founder of brokerage firm Sharekhan and investment bank SSKI, and cricket icon Sachin Tendulkar. The business offers augmented reality simulators to play cricket and race F1 cars, among other sports, in Mumbai.

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