Dream11 raises another $400 million in funding now valued at almost $5 billion
Dream Sports parent of India’s vision sports app Dream 11, has raised $ 400 million in subsequent funding led by investors TCV, D1 Capital Partners, and Falcon Edge. The latest investment in the venture directly doubles its valuation to $5 Billion within a year, a company official stated keeping the identity confidential. The company raised $ 225 million in September of last year at a valuation of $ 2.5 billion.
This is TCV’s first bet in India, having previously invested in tech giants like Netflix Inc. AirBnB Inc. and Pelton Interactive Inc. Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream 11 was the first startup in the fantasy gaming space, capable of capitalizing on India’s love of cricket. The Mumbai-based fantasy sports platform also runs the fantasy sports platform Fan code, which provides updates on sports and the Dream X marketing platform.
The Official Statements:
Dream 11, according to a company statement, is said to have more than 100 million users. This is a huge vote for the Indian startup ecosystem, Dream Sports CEO and Co-Founder Harsh Jain said in a report. We have created the vision ports category in India to create digital engagement in real-life sporting events and bring fans closer to the sport they love. He said the fact that they are still secondary indicates that they have enough growth capital internally and are excited to deliver very impressive returns to their early-stage investors. Harsh Jain has so far rejected the initial public offering scheme.”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 an extremely innovative product offering, said Gopi Vaddi, TCV’s general partner, in a statement.