Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures financed $225 million in Dream Sports, the parent firm of fantasy sports app Dream11 through primary and secondary investments, the 12-year-old Indian firm said, taking the valuation of Dream Sports at over $2.5 billion.
Dream11 has cashed in on cricket 's success — a game that has drawn considerable attention from many big companies including Disney and Facebook. Dream11 explores the fantasy aspect thereof, enabling gamers to choose their preference of the best players for an upcoming match. Depending on how their chosen team performs they will win cash prizes.
Dream11 is also the title sponsor for the 2020 season of Indian Premier League cricket tournament. The startup acquired the rights previously owned by Chinese smartphone vendor Vivo by bidding for it $30 million.
Dream Sports has expanded in recent years into new areas, such as merchandising. Dream Sports chief executive and co-founder Harsh Jain said the company had accrued more than 100 million users. (The Dream11 app is not accessible on the Google Play Store, and the company depends either on people using their mobile web or sideloading their Android app to their phones).
Mr Akshay Tanna, Managing Director at TPG said that he is proud to continue adding value to our 10 crore Indian sports fans, advertisers, employees and the overall sports ecosystem in India as a homegrown Indian company. In the last two years, they have expanded to sports entertainment, merchandise, streaming, experiences beyond fantasy sports, and others and their mission is to Make Sports Better for India and Indian fans through sports technology and innovation,”
The financial advisor to Dream Sports on the transaction was by The Avendus Capital.
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