- Online fantasy sports platform Dream11 parent company Dream Sports secured $225 million from Tiger Global and other investors.
- Dream11 parent raised the investment at an estimated valuation of $2.5 billion (approx Rs 18,000 crores).
- The investment will be raised from Tiger Global, TPG Tech Adjacencies, Chrys Capital, and FootPath Ventures.
Funding News: Online Indian fantasy sports unicorn Dream11 parent company successfully raised $225 million (equivalent to Rs 1,650 crores) from Tiger Global, TPG Tech Adjacencies, Chrys Capital, and FootPath Ventures.
Dream 11 parent Dream Sports secured the investment at a valuation of $2.5 billion (approx Rs 18,000 crores). According to the reports, The investment came after the announcement of Dream11 as a title sponsor for IPL 2020.
Tiger Global is an active investor in Indian startups. During this September month, Tiger Global invested in Zomato ($166M) and BYJU’s ($500M) in a Series J and Private equity round.
According to the reports, Tencent Holdings is known to be the biggest investor in Dream11 with an investment of $100 million. Currently, there are 5 existing investors in Dream11 Steadview, Tencent Holdings, Multiples, Think Investments, and Kalaari 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. 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,” said Harsh Jain, CEO and co-founder of Dream11 in a statement.
“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, Akshay Tanna, Managing Director, TPG.
“Dream Sports is the largest and fastest-growing Sports Tech platform in the country with a phenomenal track record. ChrysCapital is excited to be a part of their vision to transform the way sport is consumed through technology and innovation,” said Kshitij Sheth, Vice President, ChrysCapital.
Moreover, The company had not officially revealed its current valuation but the market speculation and experts estimated a $2.5 billion valuations after the investment made by Tiger Global among other investors.