Dream11 parent company raises $840 mn at a valuation of $8 bn
Dream Sports, the parent firm of online fantasy gaming platform Dream11, revealed on Wednesday that it had received $840 million at a $8 billion valuation. Falcon Edge, DST Global, D1 Capital, Tiger Global, and RedBird Capital were among the investors who led the investment round. TPG and Footpath Ventures also invested, making it one of the largest investments in the sports tech sector internationally, according to the business.The fresh fundraising follows a $400 million secondary funding round in March that valued the company at $5 billion.Earlier this month, the Mumbai-based corporation announced a $250 million investment in sports, gaming, and fitness-tech startups through its corporate venture capital and acquisitions arm, Dream Capital.
In FY2020, Dream Sports made a profit of Rs 181 crore, compared to a loss of Rs 87.8 crore the previous year.”Our vision and objective is to establish an entrepreneur-led virtuous cycle of investment, innovation, and wealth creation for all stakeholders in the sports ecosystem, from fans to athletes, teams, and leagues,” stated Harsh Jain, CEO and Co-Founder of Dream Sports. Our investors have extensive expertise establishing sports ecosystems around the world, and we are fortunate to have their assistance in helping us ‘Make Sports Better’ for India’s 1 billion sports lovers.”
“We’re pleased to join the Dream Sports family in their mission of establishing India’s premier end-to-end sports tech firm,” said Rahul Mehta, Managing Partner at DST Global, one of the latest investment round’s investors.Dream Sports retained Avendus Capital as its sole financial advisor on the deal.Dream Sports claims to have a 140 million-strong user base, which it plans to exploit to create a comprehensive sports experience that includes Sports Content, Commerce, Experiences, Fan Engagement (including Sports Gaming and Esports), Web 3.0 solutions, Fantasy Sports, and Fitness Tech. Nearly 1,000 people work for the company.
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