| |
One of the popular Indian Fantasy sports platforms that allows users to play fantasy hockey, cricket, football, basketball, and kabaddi- Dream11 has raised $400 million from Netflix and Airbnb investors in its latest funding round. And the platform’s valuation has reportedly doubled to $5 billion.
It was founded in April’2019, Dream11 became one of the first Indian gaming companies to enter the Indian “Unicorn Club”.
Its current valuation brings it to the league of India’s most valued unicorns like Paytm ($16 billion), OYO ($9 billion), Zomato ($5 billion), and BYJU’S ($12 billion), and others.
Moreover, the second investment round was led by investors TCV, D1 Capital Partners, and Falcon Edge, while the firm’s earlier investors were Tiger Global, ChrysCapital, TPG Growth, Steadview Capital, and Footpath Ventures too participated in the round, and all of these contributed tremendously in sports-tech firm’s financial boost.
In 2020, August, Dream Sports had successfully raised $225 million from Tiger Global, ChrysCapital, TPG Growth, and Footpath Ventures. The interesting part was TCV is an early investor in companies like Netflix, Airbnb, and so on.
Meanwhile, showing his excitement 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”.
People are saying this renowned sport tech company’s funding came as the Indian premier League is set to take place in April and May 2021. The fantasy gaming platform sees a majority of its funds and revenue coming from the IPL. Lastly, this 13 year old startup had also become the little sponsor for the last edition of the Indian Premier League, that is something to note! It is flourishing in the gaming market, and has also entered into sports merchandising. Indian startups are immensely making their footprints and growing undoubtedly.
Note: This news is based on millions of articles over the internet, Global Business Line does not take any responsibility for the facts and information mentioned in this news article.
