Dream11's Parent Firm Raises $400 Milllion; valuation pegged at $5 Billion
Fantasy sports platform Dream11’s parent company, Dream Sports has raised a whopping $400 million in a secondary round led by TCV, D1 Capital Partners, and Falcon Edge. Existing investors including Tiger Global, ChrysCapital, TPG Growth, Steadview Capital, and Footpath Ventures also participated in the round. Additionally, Falcon Edge Capital invested via Alpha Wave Incubation or AWI.
The financing comes six months after the company had raised $225 million in a round led by Tiger Global Management, TPG Tech Adjacencies, Chrys Capital, and FootPath Ventures. Dream Sports was then valued at around $2.5 billion. With the current round coming to fruition, the company is said to have almost doubled its valuation to reach $5 billion. The company however did not reveal its current evaluation. Dream Sports has so far raised a total capital amounting to $ 720 million.
Founded in 2008 by BhavitSheth and Harsh Jain, Dream Sports is an end-to-end sports tech firm. One of its major brands, Dream11 has risen in popularity and claims to have over 100 million users.
“This is a huge vote of confidence to the Indian start-up ecosystem. We have created the Fantasy Sports category in India to drive digital engagement to real-life sporting events and bring fans closer to the sport they love. We are proud to continually contribute to the overall expansion of the Indian sports ecosystem,” said Jain, CEO & co-founder, Dream Sports in a statement.
The round also marks TCV’s very first investment in an Indian firm. The US-based growth equity firm has backed global bigwigs such as Netflix, Airbnb, Sportradar, and Peloton.
“India is home to the world’s largest and most energetic sports fan base with a dynamic mix that is unique to the subcontinent. Dream Sports is serving this community with a highly innovative product offering,” said GopiVaddi, general partner at TCV, in a statement.
Dream11 is a premier player in the thriving fantasy gaming sector in India which has also witnessed several other players such as MPL, raising venture funding within the last year or so.
The financing comes six months after the company had raised $225 million in a round led by Tiger Global Management, TPG Tech Adjacencies, Chrys Capital, and FootPath Ventures. Dream Sports was then valued at around $2.5 billion. With the current round coming to fruition, the company is said to have almost doubled its valuation to reach $5 billion. The company however did not reveal its current evaluation. Dream Sports has so far raised a total capital amounting to $ 720 million.
Founded in 2008 by BhavitSheth and Harsh Jain, Dream Sports is an end-to-end sports tech firm. One of its major brands, Dream11 has risen in popularity and claims to have over 100 million users.
“This is a huge vote of confidence to the Indian start-up ecosystem. We have created the Fantasy Sports category in India to drive digital engagement to real-life sporting events and bring fans closer to the sport they love. We are proud to continually contribute to the overall expansion of the Indian sports ecosystem,” said Jain, CEO & co-founder, Dream Sports in a statement.
The round also marks TCV’s very first investment in an Indian firm. The US-based growth equity firm has backed global bigwigs such as Netflix, Airbnb, Sportradar, and Peloton.
“India is home to the world’s largest and most energetic sports fan base with a dynamic mix that is unique to the subcontinent. Dream Sports is serving this community with a highly innovative product offering,” said GopiVaddi, general partner at TCV, in a statement.
Dream11 is a premier player in the thriving fantasy gaming sector in India which has also witnessed several other players such as MPL, raising venture funding within the last year or so.
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