[ad_1]
Dream Sports, the parent company of fantasy sports app Dream11, has raised $ 225 million in a new round of funding as the Mumbai-based company builds what it calls an “end-to-end sports technology company” in the cricket loving nation, which is also the second largest internet market in the world.
Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures funded $ 225 million in Dream Sports through primary and secondary investments, the 12-year-old Indian firm said.
The new round values Dream Sports at more than $ 2.5 billion, two people familiar with the matter told TechCrunch.
Dream11 has capitalized on the popularity of cricket, a game that has attracted the attention of several major firms, including Disney and Facebook. Dream11 explores the fantasy part, allowing players to choose their best players for an upcoming match. They can win cash prizes depending on the performance of their selected team.
This year, Dream11 is also the title sponsor for the 2020 season of the Indian Premier League cricket tournament, one of the most popular sporting events in the world. The startup won the rights, which were previously secured by smartphone provider Vivo, by bidding $ 30 million for them. Vivo had to withdraw from sponsorship amid geopolitical tension between the two nuclear-armed nations.
The new IPL season begins later this week after months of delay due to the coronavirus outbreak.
“The sports sector has a high growth potential in India. There is a significant opportunity to enhance the fan experience and we are excited to partner with Dream Sports to harness technology in ways that will deepen the connection between Indian fans and the sports they love, “said Akshay Tanna, Managing Director of TPG, at a statement.
In recent years, Dream Sports has expanded into additional categories such as merchandise. In a statement, Harsh Jain, CEO and co-founder of Dream Sports, said that the startup had amassed more than 100 million users.
“As a local Indian company, we are proud to continue adding value to our 10 million million sports fans, investors, employees and the Indian sports ecosystem at large. In the past two years, we’ve grown beyond fantasy sports to sports content, merchandise, streaming, experiences, and much more to come. Our vision is ‘Improving Sports’ for India and Indian fans through sports technology and innovation, ”he added.
Avendus Capital was Dream Sports’ financial advisor on the transaction.
