- New investors include Tiger Global Management, TTAD, ChrysCapital and Footpath Ventures
- IPL title sponsor Dream11 now has more than 100m registered users
- Indian online gaming market projected to grow to almost Rs 12,000 crore by 2023
Dream Sports, the parent company of Indian fantasy gaming firm Dream11, has completed a fresh round of funding worth a reported US$225 million.
First rumoured earlier this year, the latest injection of capital values the sports technology company, which also owns FanCode and DreamX, at more than US$2.5 billion, according to a report by TechCrunch.
Investors in the funding round include Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures, which have made a mix of primary and secondary investments.
Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports is headquartered in Mumbai and currently employs around 450 people.
Dream11, a popular fantasy sports app which now claims to have more than 100 million registered users, made headlines last month when it bought title sponsorship rights to cricket’s Indian Premier League (IPL), replacing Chinese smartphone manufacturer Vivo.
Having reportedly raised about US$325 million to date, the company officially became a unicorn – a privately held startup valued at over US$1 billion – in April 2019 after securing secondary investment from Steadview Capital.
“We are excited to welcome our new partners, who share our passion for sports and have extensive experience in building highly valuable tech companies in India,” Jain, who serves as chief executive of Dream Sports, said in a statement.
“As a homegrown Indian company, we are proud to continue adding value to our ten crore Indian sports fans, investors, employees and the overall sports ecosystem in India.
“In the last two years, we have grown beyond fantasy sports to sports content, merchandise, streaming, experiences, and there is much more to come. Our vision is to ‘Make Sports Better’ for India and Indian fans through sports technology and innovation.”
According to Statista, the Indian online gaming market is expected to grow to almost Rs 12,000 crore by 2023, driven by the availability of more affordable internet and cheaper smartphones.
Besides Dream Sports, other operators in the market include Mobile Premier League, which is backed by Sequoia Capital India and Times Internet, and ShareChat, which has been testing a fantasy sports app since securing US$100 million in financing from a group of investors led by Twitter.
“The sports sector has high growth potential in India,” said Akshay Tanna, TPG’s managing director. “There is a significant opportunity to enhance the fan experience and we are excited to partner with Dream Sports to leverage technology in ways that will deepen the connection between Indian fans and the sports they love.”
Dream Sports, the parent company of Indian fantasy gaming firm Dream11, has completed a fresh round of funding worth a reported US$225 million.
First rumoured earlier this year, the latest injection of capital values the sports technology company, which also owns FanCode and DreamX, at more than US$2.5 billion, according to a report by TechCrunch.
Investors in the funding round include Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures, which have made a mix of primary and secondary investments.
Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports is headquartered in Mumbai and currently employs around 450 people.
Dream11, a popular fantasy sports app which now claims to have more than 100 million registered users, made headlines earlier this year when it bought title sponsorship rights to cricket’s Indian Premier League (IPL), replacing Chinese smartphone manufacturer Vivo.
Having reportedly raised about US$325 million to date, the company officially became a unicorn – a privately held startup valued at over US$1 billion – in April 2019 after securing secondary investment from Steadview Capital.
“We are excited to welcome our new partners, who share our passion for sports and have extensive experience in building highly valuable tech companies in India,” Jain, who serves as chief executive of Dream Sports, said in a statement.
“As a homegrown Indian company, we are proud to continue adding value to our ten crore Indian sports fans, investors, employees and the overall sports ecosystem in India.
“In the last two years, we have grown beyond fantasy sports to sports content, merchandise, streaming, experiences, and there is much more to come. Our vision is to ‘Make Sports Better’ for India and Indian fans through sports technology and innovation.”
According to Statista, the Indian online gaming market is expected to grow to almost Rs 12,000 crore by 2023, driven by the availability of more affordable internet and cheaper smartphones.
Besides Dream Sports, other operators in the market include Mobile Premier League, which is backed by Sequoia Capital India and Times Internet, and ShareChat, which began testing a fantasy sports app after securing US$100 million in financing from a group of investors led by Twitter last year.
“The sports sector has high growth potential in India,” said Akshay Tanna, TPG’s managing director. “There is a significant opportunity to enhance the fan experience and we are excited to partner with Dream Sports to leverage technology in ways that will deepen the connection between Indian fans and the sports they love.”
Dream Sports/LinkedIn
