Parent firm of Dream 11 raises $400M in second investment round
Fantasy sports unicorn startup Dream Sports, the parent company of the flagship brand Dream 11, has raised $400 million in second investment led by TCV, D1 Capital Partners, and Falcon Edge.
This round, which also observed participation from existing investors, valued Dream Sports at $5 billion, as per reports. The existing investors are Tiger Global, ChrysCapital, TPG Growth, Steadview Capital, and Footpath Ventures.
Avendus Capital was the exclusive financial advisor to Dream Sports on the matter.
Apart from Dream 11, the other brands in the portfolio comprise FanCode and DreamX. According to this unicorn, this is the most substantial investment in the Indian sports tech ecosystem to date and is a testimony to its burgeoning market potential.
Commenting on the development, Harsh Jain, CEO and Co-Founder, Dream Sports, said, “This is a huge vote of confidence to the Indian startup ecosystem. We have 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.”
He further stated, “Our growth trajectory is also a testimony to the honorable Prime Minister’s vision of Atmanirbhar Bharat and Digital India.”
This investment into Dream Sports comes before the anticipated Indian Premier League (IPL) season.
Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports is established in Mumbai and employs close to 600 people. This is the first investment by global growth equity firm TCV in India, and as part of its portfolio, it has invested in companies such as Netflix, Airbnb, Sportradar, and Peloton.
Speaking on the investment, Gopi Vaddi, General Partner at TCV, said, “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 community with a highly innovative product offering. We are inspired by what Harsh, Bhavit and the Dream Sports team have built, and we look forward to partnering with them.”