$400 million worth of investment was made in the company Dream Sports, the Mumbai-based fantasy sports app Dream 11. The company specializes as an end-to-end sports tech for the cricket-loving nation, i.e. India. This country is also the world's second-largest internet market.The secondary fundraise was led by TCV, D1 Capital Partners, and Falcon Edge. The new round valued the startup at nearly $5 billion; there was an investment of $2.5 billion last year.
The secondary fundraise was led by TCV, D1 Capital Partners, and Falcon Edge. The new round valued the startup at nearly $5 billion; there was an investment of $2.5 billion last year.
Existing investors, including Tiger Global, ChrysCapital, TPG Growth, Steadview Capital, and Footpath Ventures, also participated in the round, which brings Dream Sports' total to date raise to over $720 million. Avendus Capital was the financial advisor to Dream Sports on the transaction.
Dream11 has cashed in on the popularity of cricket — a game that has attracted serious attention from several major firms, including Disney and Facebook. Dream11 explores the fantasy part of it, allowing gamers to create virtual teams comprising real-life players and lets them organize matches based on statistical performances of those players in real games. The platform offers fantasy cricket, football, kabaddi, and basketball. Users win cash prizes depending on how their selected team performs.
"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," said Harsh Jain, co-founder, and chief executive of Dream Sports, in a statement. The startup, whose Android app is not on the Play Store, said it has more than 100 million users. Dream11 was the title sponsor for last year’s cricket tournament IPL after bidding $30 million for the spot.
“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 Gopi Vaddi, general partner at TCV, in a statement. TCV has also backed Netflix, Airbnb, Sportradar and Peloton.
But fantasy sports are still facing some regulatory hurdles in parts of India. Several Indian states, including Assam, Odisha, Sikkim, and Telangana, have banned fantasy sports betting.
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