The parent company of Dream11, Dream Sports, has recently raised a whopping $400 million. According to the reports, Dream Sports’ valuation has doubled at $5 billion after the recent funding episode.
With having fantasy gaming as their primary platform – Dream11, Dream Sports managed to attract many customers. In fantasy gaming, you get to have an imaginary team with the known players and then play. You also earn real money during the game. Dream11 fantasy sports section hosts a variety of games such as cricket, football, and others. While this is not as much fun as the betting sites in India, but it is good enough for newbies.
As per the data, cricket fans who play online games and place their bets have summed up to become the second-largest in the world. Dream sports provide everything a punter or an online gaming fan would need – a tech giant with end-to-end-sports-games.
The secondary investment round was moved by TCV, D1 Capital Partners, and Falcon Edge. TCV has been an early investor in notable firms like Netflix and Airbnb. Besides, Chinese backer Tencent still has a single-digit percentage stake in the company. Other early investors: Multiples Alternate Asset Management and Kalaari Capital have sold their stake to pave a new way for the company’s upcoming or recent investors. The present existing investors include Tiger Global, ChrysCapital, TPG Growth, Steadview Capital, and Footpath Ventures.
In a released statement by the local media networks, the co-founder of Dream Sports, Harsh Jain, added, “This is a huge vote of confidence to the Indian startup 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. Our growth trajectory is also a testimony to the honorable Prime Minister’s vision of Atmanirbhar Bharat and Digital India.”
Dream Sports was incorporated in the year 2008 by Harsh Jain and Bhavit Sheth. The irony and good part are that the investment has come forward before the Indian Premier League 2021.
General Partner at TCV, Gopi Vaddi, said that Dream Sports is offering a unique set of highly innovative products. He also mentioned, “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. We are inspired by what Harsh, Bhavit and the Dream Sports team have built, and we look forward to partnering with them.”
Last year, Dream 11 had badged the opportunity to be the title sponsor of the Indian Premier League. Although the firm’s app is not allowed on Play Store because of Google’s policy, it has 100 million-plus users and counting. Google recently amended its policy with online gamblings in India – seeing the state government’s response to it.
Fantasy sports have grown at 10X speed not only in the Indian market but in the world. According to a report of Deloitte, “Fantasy Sports in India has grown by 199.69%, generating a total revenue of about INR 67 Cr in 2016-17. This growth can be attributed to the annual T20 cricket summer when the Indian Premier League (IPL) dominates all India sports.”