- India-based Dream Sports — a company that runs a fantasy sports app called Dream11 — has raised $225 million in a new funding round
India-based Dream Sports — a company that runs a fantasy sports app called Dream11 — has raised $225 million in a new funding round. Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital, and Footpath Ventures were the investors in this round. With this round of funding, the company is now valued at over $2.5 billion according to TechCrunch.
One of the most popular fantasy sports on Dream11 is cricket. Players in the app can win cash prizes based on how their team does.
Dream11 is also the title sponsor for the 2020 season of the Indian Premier League cricket tournament this year. Previously, the rights were held by Chinese smartphone company Vivo. The bid was a reported $30 million.
In a statement, Dream Sports CEO and co-founder Harsh Jain said that Dream11 now has over 100 million users.
KEY QUOTES:
“We have grown from one to many brands and from 200 Sportans (employees of Dream Sports) to 450 in the last two years. I am proud of our lean yet highly efficient team that has been the driving force behind the creation of ‘Sports Tech’ as a new industry category in India,” said
— Dream 11 COO and co-founder Bhavit Sheth via Entrepreneur
“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,”
— Akshay Tanna, Managing Director at TPG (statement)
