Dream11 Parent Raises $225 Mn at Estimated $2.5 Bn Valuation
Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures have pumped the latest funding, which comprises of primary funding and secondary transactions
Sports technology company Dream Sports on Monday announced that it has raised fresh funding of USD 225 million from Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures.
Dream Sports is the parent company of fantasy sports company Dream11, multi-sport aggregator platform FanCode, sports startups accelerator DreamX and DreamSetGo, a sports tour and travel packages company.
The latest capital infusion, which comprises of primary funding and secondary transactions, is expected to value Dream11 at about USD 2.5 billion, news reports suggest.
Founded in 2008 by Bhavit Sheth and Harsh Jain, Dream11 has over 80 million users on its platform playing fantasy cricket, football, kabaddi, basketball, hockey, volleyball, baseball and handball.
“We have grown from one to many brands and from 200 Sportans (employees of Dream Sports) to 450 in the last two years. I am proud of our lean yet highly efficient team that has been the driving force behind the creation of ‘Sports Tech’ as a new industry category in India,” said COO and co-founder Sheth.
In August, Dream11 bagged the title sponsorship for T20 tournament Indian Premier League (IPL) for a deal of INR 222 crore with the BCCI.
“As a homegrown Indian company, we are proud to continue adding value to our 10 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,” said founder and CEO Jain.
“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.”
Dream11 is Tiger Global’s third investment in an Indian unicorn in this year. The American fund pumped USD 102.5 million in food delivery aggregator Zomato earlier this month, kicking the latter’s valuation to USD 3.4 billion, and announced investment of USD 200 million in edtech major, and India’s second most valued unicorn, Byju’s in January this year.
Also Read: Zomato Raises $102.5 Mn From Tiger Global
Commenting on the deal, Akshay Tanna, Managing Director, TPG said, “The sports sector has high growth potential in India. 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.”