Dream11 parent secures USD 840 Mn funding at USD 8 Bn valuation
Category: #business |   By Pankaj Singh |   Date: 2021-11-26

Dream11 parent secures USD 840 Mn funding at USD 8 Bn valuation

Fantasy sports tech firm Dream11 has reportedly raised USD 840 million in its latest funding round, taking the company’s total valuation to USD 8 billion. The round was led by DST Global, D1 Capital, Falcon Edge, Tiger Global, and Redbird Capital, and also saw participation from existing investors Footpath Ventures, TPG, and Avendus Capital.

The fund values the company at USD 8 billion, up from USD 5 billion when it secured USD 400 million in secondary financing in March of this year.

It’s worth mentioning here that Dream Sports launched a USD 250 million funds for Dream Capital earlier this year, which has expanded its portfolio to ten early-stage firms including SoStronk, Fittr, Elevar, and KheloMore. Dream Capital now intends to further develop its sports, fan interaction, and fitness portfolio both in India and globally.

Harsh Jain Co-Founder and CEO of Dream Sports said that they want to establish a virtuous circle of investment, innovation, and wealth creation for all stakeholders in the sports ecosystem, teams, and leagues, from fans to athletes via the leadership of entrepreneurs.

Dream Sports made a profit of Rs 180.8 crore (around USD 24.15 million) in the financial year ending March 2020, making it one of the few consumer-focused unicorn startups in India to do so.

The company's operating revenue increased from Rs 775.5 crore (about USD 104 million) in the fiscal year 2019 to Rs 2,070.4 crore (approx. USD 277.8 million) in the fiscal year 2021. New items and innovative marketing methods were credited with the increase in sales.

During the fiscal year, Dream11 spent a significant amount of money on advertising and marketing to capitalize on the rise in mobile gaming in the country as a result of the pandemic-induced lockdown, as well as to drive app installs as it is not available on Google's Play Store.

Founded in 2008 by Bhavit Sheth and Harsh Jain. Dream Sports is home to brands like corporate venture and M&A arm Dream Capital, sports content and commerce platform FanCode, game publisher Dream Game Studios, sports experiences platform DreamSetGo, and payment solutions provider DreamPay. It claims to have over 140 million users and around 1000 employees.

Source Credit:

https://www.moneycontrol.com/news/business/dream11-parent-bags-840-million-funding-at-8-billion-valuation-7757971.html

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Pankaj Singh

With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with Read more...

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