Dream Sports, the guardian agency of fantasy sports activities app Dream11, has secured $225 million in a brand new financing spherical because the Mumbai-headquartered agency builds what it calls “end-to-end sports activities tech firm” within the cricket-loving nation, which can be the world’s second largest web market.
Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures financed $225 million in Dream Sports by main and secondary investments, the 12-year-old Indian agency mentioned.
The new spherical values Dream Sports at over $2.5 billion, two folks acquainted with the matter advised TechCrunch. Dream11 has raised about $325 million so far.
Dream11 has cashed in on the recognition of cricket — a recreation that has attracted severe consideration from a number of main companies together with Disney and Facebook. Dream11 explores the fantasy a part of it, permitting avid gamers to select their alternative of finest gamers for an upcoming match. They can win money prizes relying on how their chosen workforce performs.
This 12 months, Dream11 can be the title sponsor for the 2020 season of Indian Premier League cricket event, one of the crucial fashionable sporting occasions on the planet. The startup gained the rights, which was beforehand secured by smartphone vendor Vivo, by bidding $30 million for it. Vivo needed to again out of the sponsorship amid geo-political pressure between the 2 nuclear-armed nations.
The new season of IPL kickstarts later this week after months of delay because of the coronavirus outbreak.
“The sports activities sector has excessive progress potential in India. There is a major alternative to reinforce the fan expertise and we’re excited to associate with Dream Sports to leverage expertise in methods that can deepen the connection between Indian followers and the sports activities they love,” mentioned Akshay Tanna, Managing Director at TPG, in a press release.
In latest years, Dream Sports has expanded into further classes equivalent to merchandize. Harsh Jain, chief government and co-founder of Dream Sports, claimed in a press release at this time that the startup had amassed over 100 million customers. (Dream11 app will not be on the Google Play Store and the startup depends on folks both utilizing its cellular net or sideload its Android app on to their telephones.)
“As a homegrown Indian firm, we’re proud to proceed including worth to our 10 crore Indian sports activities followers, traders, workers and the general sports activities ecosystem in India. In the final two years, we’ve grown past fantasy sports activities to sports activities content material, merchandise, streaming, experiences, and there may be rather more to return. Our imaginative and prescient is to ‘Make Sports Better’ for India and Indian followers by sports activities expertise and innovation,” he added.
Avendus Capital was the monetary advisor to Dream Sports on the transaction.
Dream11 isn’t the one participant constructing a distinct segment within the fantasy sports activities app area in India. Sequoia Capital India and Times Internet-backed Mobile Premier League can be a significant participant, which has expanded to conventional cellular video games. Twitter-backed ShareChat additionally quietly started experimenting with fantasy sports activities earlier this 12 months.