Key Takeaways
May 3, 2026 · 2 min read · By Rishabh Bhardwaj
·
AI-assisted, human-reviewed · Our editorial standards
Rajasthan Royals, one of the Indian Premier League's founding franchises, has a new ownership structure. Indian businessman Laxmi Mittal has acquired a stake in the franchise as part of a consortium that includes existing principal owner Manoj Badale and fellow businessman Aadar Poonawala.
Laxmi Mittal, the steel magnate known for building ArcelorMittal into one of the world's largest steel companies, is joining through a family-level investment. The Mittal family's entry alongside Poonawala, known for his ties to the Serum Institute of India, signals a consolidation of high-profile Indian business families around the franchise.
Manoj Badale remains the principal owner, meaning day-to-day control and strategic direction of the franchise is not changing hands. The new arrangement adds capital and prominent names to the ownership group without displacing existing leadership.
IPL franchise valuations have surged dramatically over the past few years, making stakes attractive investment assets. Rajasthan Royals, despite its relatively smaller home market compared to Mumbai or Delhi franchises, has built a credible brand, particularly around player development. High-profile consortium structures have become more common across IPL teams as valuations rise and single-family ownership becomes harder to justify at current price levels.
The entry of business heavyweights like the Mittal family also brings reputational weight that can help franchises in commercial negotiations, sponsorships, media partnerships, and potential overseas expansion of the IPL brand all benefit from institutional credibility.
Details on the size of the Mittal family's stake, the transaction value, or any change in governance structure have not been disclosed. What to watch: whether this signals a broader restructuring of the Royals' ownership or a one-time capital infusion, and whether other IPL franchises follow with similar consortium arrangements as the league's valuation cycle matures.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.