Dream Sports, a homegrown company that owns brands such as fantasy sports platform Dream11, FanCode, and DreamX, announced the completion of a $400 million (approximately Rs 2,904 crore) secondary investment led by TCV, D1 Capital Partners and Falcon Edge. This is the largest investment in the Indian sports tech ecosystem to date. With this, reports say that the company is valued at nearly $5 billion.
The round also saw participation from existing investors like Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures, Dream Sports said in a statement.
“This is a huge vote of confidence to the Indian start-up ecosystem. We have created the Fantasy Sports category in India to drive digital engagement to real-life sporting events and bring fans closer to the sport they love. We are proud to continually contribute to the overall expansion of the Indian sports ecosystem,” Dream Sports CEO and co-founder Harsh Jain said.
A homegrown Indian company founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports is located in Mumbai and employs about 600 people.
As per the Mint report, Dream Sports does not want to jump into the IPO market just because it is hot right now. “The right time for us will be when we will build a large sports technology company with a lot more of these smaller fledgling startups that we have created, incubated or funded grow up. We are not just a one-trick pony with fantasy sports. We have a much larger sports tech offering, and we would like to go public as a sports tech company in a bigger way, maybe a couple of years down the line. We are not interested in going public as of now,” Jain shared.
The thirteen-year-old company allows users to play fantasy games in genres including cricket, football, kabaddi, and basketball.