Business Insider : Sep 14, 2020, 02:33 PM
Mumbai: Dream11’s parent company Dream Sports has raised $225 million from Tiger Global, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures. According to reports, Dream11’s valuation was projected to hit $2.5 billion with the latest round of funding.Dream11’s long time investor Chinese tech giant Tencent’s stake (10.9/%) was set to come down with this investment. However, the company shared no details about its shareholding.“We are excited to welcome our new partners, who share our passion for sports and have extensive experience in building highly valuable tech companies in India. As a homegrown Indian company, we are proud to continue adding value to our 10 crore Indian sports fans, investors, employees and the overall sports ecosystem in India. In the last two years, we have grown beyond fantasy sports to sports content, merchandise, streaming, experiences, and there is much more to come,” said Harsh Jain, CEO and Co-Founder, Dream Sports.The 12-year old startup had also recently become the title sponsor for the Indian Premier League.The gaming startup had become a unicorn in April 2019 after a secondary investment from Steadview Capital, an Asia-focused alternative asset manager. Until 2019, Dream11’s user base grew at a compounded annual growth rate (CAGR) of 230% over three years.Recently, Dream Sports had announced that it was starting its own merchandising platform.“We have grown from one to many brands and from 200 Sportans (employees of Dream Sports) to 450 in the last two years,” said Bhavit Sheth, COO and Co-Founder, Dream Sports.