Loading...
ADVERTISEMENT
By
Dream Sports raises $840 mn at $8 bn valuation led by Falcon Edge, DST, others
Photo Credit: 123RF.com

Dream Sports, which owns fantasy sports platform Dream11, on Wednesday said it has raised $840 million (Rs 6248 crore) from  Falcon Edge, DST Global, D1 Capital, Redbird Capital and Tiger Global. 

The investment was done at a valuation of $8 billion, Dream Sports, said in a statement. 

The funding round also saw participation from TPG and Footpath Ventures. 

"Our investors have deep experience in developing sports ecosystems globally, and we are fortunate to have their guidance to ‘Make Sports Better’ for 1 billion Indian sports fans," said Harsh Jain, CEO and co-founder, Dream Sports. 

Avendus Capital was the exclusive financial advisor to Dream Sports on the transaction. 

The Mumbai-based Dream Sports, which was founded by Jain and Bhavit Sheth in 2008, has 140 million users.

Apart from Dream11, its other brands include FanCode, a sports content and commerce platform, DreamSetGo, a sports experiences platform, and DreamPay, a payment solutions provider. 

Earlier in August, Dream Sports also made an initial allocation of $250 million for its corporate venture capital and acquisitions arm, Dream Capital, to invest in sports, gaming and fitness-tech startups.  

Earlier in April, Dream Sports had scored a $400 million secondary investment from investors including Silicon valley based venture capital firm TCV.  

Earlier in April 2019, Dream Sports became the first homegrown gaming company to break into the unicorn club when Hong Kong headquartered hedge fund Steadview Capital picked up a stake. The Steadview investment created partial exits for early investors Kalaari Capital, Multiples Alternate Asset Management and Think Investments. 

Another fantasy sports platform, Mobile Premier League (MPL) also stormed into the unicorn club after it raised Series E funding at a pre-money valuation of $2.3 billion (Rs 16,935 crore) earlier in September.

Leave Your Comment(s)