Online Fantasy Sports Platform Dream11 Garners $840 Million from Falcon Edge & Others
The corporation claims to have raised new capital valued at $8 billion. Dream11's valuation has risen significantly since it was valued at $5 billion in a $400 million secondary sale in March of this year.
Dream11's parent company, Dream Sports, launched its venture capital and merger and acquisition arm, Dream Capital, in August, with a $250 million fund. Dream Capital, according to the company, has a portfolio of ten firms, including Fittr, SoStronk, and KheloMore.
In India and overseas, Dream Capital is extending its sports, fan interaction, and fitness portfolio.
Dream Sports, which has a 140 million-strong user base, provides sports content, commerce, experiences, fan interaction (including sports gaming and esports), Web 3.0 solutions, fantasy sports, and fitness technology.
Dream11 was recently in the news after a first information report (FIR) was filed against its creators, forcing the company to cease its operations for users in Karnataka. The company was accused of breaking the new law prohibiting wagering and betting in online games, according to the FIR. The Karnataka High Court, on the other hand, halted police action against Dream11's founders.
Dream11 made a profit of INR 181 crore in FY20, but has yet to disclose its annual financials for FY21. The company earned INR 2,070 crore in operating revenue during the financial year, compared to Rs 1,867.6 crore in total expenses.
The fantasy and e-sports ecosystem's most valuable startup is Dream11. In September, the Mobile Premier League [MPL] secured $2.3 billion in a Series E investment.