Dream Sports, Dream11’s parent company raised over USD 400 Million during its latest funding round. This round of funding was led by US-based private equity firms TCV, Falcon Edge, and D1 Capital Partners. Out of these firms, TCV has backed companies like Netflix and Airbnb.
The round also witnessed participation from Dream11’s existing investors like ChrysCapital, Steadview Capital. Tiger Global, TPG Growth, and Footpath Ventures. This latest round was held just six months after the company raised USD 225 million in its previous round which was led by Tiger Global Management, ChrysCapital, Footpath Ventures, and TPG Tech Adjacencies (TTAD). The valuation for this round reached nearly USD 2.5 Billion. Now, with the current round of funding, the company’s valuation has now soared to USD 5 Billion.
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Talking about this development, Harsh Jain, CEO and co-founder of Dream Sports said, “This is a big vote of confidence to the Indian start-up ecosystem. We created the fantasy sports category in India to drive digital engagement to real-life sporting events and bring fans closer to the sport they love. We are proud to continuously contribute to the overall expansion of the Indian sports ecosystem.”
Gopi Vaddi, General Partner of TCV, also commented, “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 sporting community with a highly innovative product offering.”
Dream11 was one of the first fantasy sports platforms that was launched in India and has grown to be one of the biggest platforms in the country. As per a March 2019, KPMG report, the company has a share of nearly 90% in the fantasy sports market in India. The market is now estimated to be worth a whopping USD 3.7 Billion by 2024.