IPL 2021 sponsor Dream11 closes $400 Mn round, valuation shoots up $5 billion

IPL 2021 sponsor Dream11 closes $400 Mn funding round, valuation shoots up $5 billion
IPL 2021 sponsor Dream11 closes $400 Mn funding round, valuation shoots up $5 billion

IPL 2021 Fantasy Partner – Dream11 Valuation $5 billion: The canvas is getting bigger for India’s largest fantasy sports company Dream11. Just before the 14th edition of the Indian Premier League (IPL 2021), Airbnb and Netflix investor TCV and few others have invested $400 million in Dream11’s parent entity. The current round has reportedly valued the company at $5 billion.

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The investment marks maiden India deal for TCV that had earlier backed companies such as Airbnb and Netflix. Dream11 also saw the participation of its existing investors such as Tiger Global, ChrysCapital, TPG Growth, Steadview Capital, and Footpath Ventures.

IPL 2021 sponsor Dream11 closes $400 Mn round, valuation shoots up $5 billion

The latest round comes six months after the company had raised a $225 million funding round led by Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital, and Footpath Venture at a valuation of nearly $2.5 billion.

“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,” said Harsh Jain, CEO and co-founder of Dream Sports. Dream11 was launched in 2008 and is among the earliest entrants in the fantasy gaming space in India.

“India is home to the world’s largest and most energetic sports fan base with a dynamic mix that is unique to the subcontinent. Dream Sports is serving this community with a highly innovative product offering,” said Gopi Vaddi, General Partner, TCV.

Dream11 claimed to have over 10 crore users playing fantasy cricket, football, kabaddi, basketball, hockey, volleyball, handball, rugby and baseball. The latest investment has come ahead of the 2021 Indian Premier League season that is scheduled next month.

The mega-funding round comes right before popular cricketing event IPL which is expected to boost its revenue as more users engage in fantasy gaming with live sporting events like IPL 2021 happening next month.

Dream 11’s fund-raise comes amid regulatory uncertainty around the sector where some states see it as a ‘game of skills’ while others are planning tighter regulation as people spend real money on these platforms. Government think-tank Niti Aayog has proposed a national level guidelines for the sector along with suggestions of setting up a self-regulatory body.

IPL 2021 sponsor Dream11 closes $400 Mn round, valuation shoots up $5 billion