Dream Sports, the owner of India’s largest fantasy sports platform Dream11, has raised USD 225 million in the latest round of funding led by Tiger Global Management, TPG Tech Adjacencies, Chrys Capital, and Footpath Ventures.
Media reports and market speculations suggest that the new round of funding has taken the value of Dream Sports to over USD 2.5 billion.
The move will facilitate a partial exit of San Francisco-based Think Investments, Vani Kola-led Kalaari Capital, and Renuka Ramnath-founded Multiples Alternate Asset Management, according to reports.
Akshay Tanna, the Managing Director at TPG, considers the Indian sports market to have serious business prospects.
“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,” said Tanna.
Founded by Harsh Jain and Bhavit Sheth in 2008, the fantasy sports firm has received unparalleled attention from private equity investors and sovereign wealth funds.
Dream11 has seen a three-fold growth in 2019, with revenue shooting up to INR 800 crore from INR 230 crore in 2018.
Jain, who is also the CEO of Dream11, welcomed the new investors and hopes the partnership will help serve its 100 million users better.
“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,” said Jain.
“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,” he added.
Dream11 recently emerged as the title sponsor of the Indian Premier League (IPL) 2020 by bidding a reported sum of INR 222 crore.
In April 2019, Dream11 became the first sports startup to join the elusive unicorn club - valuing at over USD 1 billion when Steadview Capital invested USD 60 million in the fantasy gaming company.