Dream11 is speculated to be raising $500 million in funding which will be led by this investor that is actively investing in India. Tiger Global has invested in other Indian unicorns like Flipkart and Byju’s and now it is expected to spend $200 million to buy new shares in the company as well as shares from Dream11’s early investors Kalaari Capital, Think Investment and private equity firm Multiples.
The company is working with investment bank, Credit Suisse for the fundraising while Dream11 and Tiger declined to comment, Credit Suisse did not respond to the emails seeking opinions. “A lot of investors have been interested in Dream11. They have built a large profitable business with almost no big competitor and still a lot of avenues for growth remaining,” said an anonymous investor.
Valued at over a billion dollars, Dream11 became a unicorn in April when the US-based Steadview Capital led a $60 million by purchasing secondary stakes from early investors. The company was valued at $700 million in September 2018 when it raised $100 million from the Chinese internet giant Tencent.
The company also has several Special Leave Petition (SLP) filed. The December 2019 Supreme Court’s division bench of Justice Rohinton Nariman and S. Ravindra Bhat dismissed SLP filed by Advocate Gurdeep Singh Sachar claiming that Dream11 is comprised of a game of chance and gambling and that the company was indulging in GST invasion. Another one filed by lawyer Varun Gumber was also dismissed by the apex court through an order dated 4 October 2019. However, a PIL against Dream11 has been pending in the Bombay HC since April 2019 which is yet to be listed and heard.
According to Deloitte, fantasy sports in gaming has grown by 199.69% in India, with total revenue of about INR 67 Crore in 2016-17. This growth can be attributed to annual T20, IPL, which dominates headlines each year. Dream11 was the associate sponsor of IPL 2018 and IPL 2019. Dream11 had about 50 million subscribers in February 2019 and has doubled by the end of the year. For the latest updates on poker news and industry, keep reading GutshotMagazine.com and stay tuned!
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