Dream Sports, the parent company of the fantasy sports app Dream11, will raise $ 225 million in a new round of funding to build what Mumbai-based companies call end-to-end sports tech companies in cricket-loving countries. Was secured. The second largest internet market in the world.
According to a 12-year-old Indian company, Tiger Global Management, TPG Tech Adjacent (TTAD), Chris Capital and Footpath Ventures have raised $ 225 million in Dream Sports through primary and secondary investments.
The new round has valued DreamSports at over $ 2.5 billion, and two people familiar with the matter told TechCrunch. Dream11 has raised about $ 325 million so far.
Dream11 has gained the popularity of cricket. The game has received a lot of attention from several big companies, including Disney and Facebook. Dream11 explores some of the fantasy and allows gamers to choose the best player for their next match. You can win prizes according to the performance of the selected team.
This year, Dream11 is also the title sponsor of the 2020 season of the Indian Premier League Cricket Tournament, one of the most popular sporting events in the world. The startup has acquired the rights previously held by Chinese smartphone vendor Vivo for $ 30 million. In the geopolitical tension between the two nuclear-armed nations, Vivo had to suddenly withdraw from sponsorship.
The new season for IPL kickstart will begin later this week, after a few months delay due to the outbreak of the coronavirus.
The sports sector has high growth potential in India. Akshay Tanna, Managing Director of TPG, said: statement.
In recent years, Dream Sports has expanded into additional categories such as commercialization. Dream Sports CEO and co-founder Harsh Jain said in a statement today that the startup has gained more than 100 million users. (The Dream11 app is not in the Google Play store. Startups rely on people who use the mobile web or sideload Android apps to their phones.)
As an in-house Indian company, we continue to add value to India’s 10 Indian sports fans, investors, employees and the entire Indian sports ecosystem. Over the last two years, we have grown from fantasy sports to sports content, products, streaming and experiences. Our vision is to make sports better for India and Indian fans through sports technology and innovation.
Avendas Capital was DreamSport’s financial advisor on this transaction.
Dream11 is not the only company building a niche in India’s fantasy sports space. The Sequoia Capital India and Times Internet-backed Mobile Premier League are also key players expanding into traditional mobile games in recent months. Twitter-backed Share Chat also quietly began experimenting with fantasy sports earlier this year.
However, fantasy sports still face regulatory hurdles in parts of India. Several Indian states, including Assam, Odisha, Sikkim and Telangana, have banned fantasy sports betting.
Trying to make a legitimate fantasy sports business attempt to be seen as a video game may be a benefit to just a quick glance at the speaker panel of an Indian video game developer’s event. It doesn’t matter that it is proof of that. Alwani, a long-time analyst in the Indian gaming market and publisher of news outlet Mako Reactor, said in a previous interview with TechCrunch.
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