Gaming startup Dream11 Sports raises $400 Mn funding.
Mumbai, India-based Dream Sports, the parent organisation of the eSports unicorn startup, Dream11, on Wednesday, announced that the company has raised $400 million in an investment round led by TCV D1 Capital Partners, and Falcon Edge (US); with participation from existing investors including Tiger Global, ChrysCapital, TPG Growth, Steadview Capital, and Footpath Ventures.
It is important to note that the fresh development for Dream11 comes close to the upcoming Indian Premier League (IPL) season which is sponsored by Dream11 among other big sponsors. The round has valued Dream Sports at $5 billion.
Besides Dream11, Dream Sports also operates FanCode and DreamX platforms.
Speaking of the latest development, Harsh Jain, CEO & Co-founder of Dream Sports, in a statement 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,”
Speaking about the Prime Minister’s Atmanirbhar Bharat and Digital India initiatives, Jain added,
“Our growth trajectory is also a testimony to the honourable Prime Minister’s vision of Atmanirbhar Bharat and Digital India.”
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.”