Fantasy sports unicorn Dream11 raises $225 million: Details here
In a major move, Dream Sports, the unicorn parent company of fantasy sports platform Dream11, has raised $225 million in a fresh round of funding. The capital comes through primary and secondary investments from Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital, and Footpath Ventures, and will help the start-up transform itself into an end-to-end sports tech company. Here's all about it.
Cashing on the popularity of cricket
Founded in 2008 by Harsh Jain, Bhavit Sheth and Varun Daga, Dream11 offers a number of fantasy sports to play but has grown particularly famous due to cricket, which enjoys immense popularity in India. The players get to pick their fantasy team for upcoming matches and then win cash prizes depending upon how the chosen players perform in the actual match.
Valued at more than $2.5 billion now
The latest investment, which is largely secondary in nature, values Dream Sports at over $2.5 billion. As per The Economic Times' report, the round will see at least three early Dream Sports investors shed a portion of their stakes: Tencent Holdings, Kalaari Capital, and Multiples Alternate Asset Management Private Limited. All three had participated in the company's $100 million Series D round in 2018.
$325 million raised so far
Overall, Dream11 has raised $325 million. In April 2019, it entered the unicorn club, becoming the first Indian gaming company to achieve the feat. Speaking on the investment, TPG MD Akshay Tanna said, "There is a significant opportunity to enhance the fan experience and we are excited to partner with Dream Sports to deepen the connection between Indian fans and the sports they love."
Over 100 million registered users
Back in 2014, Dream11 had a million registered users, and today, the number has grown up to more than 100 million. In light of this growth, the company has expanded into other sports as well as business categories such as merchandise. It has also won the sponsorship for the Indian Premier League 2020, one of the most popular cricketing events in the world.
Vision to make sports better, says Harsh Jain
"In the last two years, we have grown beyond fantasy sports to sports content, merchandise, streaming, experiences, and there is much more to come," Jain said in a statement. "Our vision is to 'Make Sports Better' for India and Indian fans through technology and innovation."
