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Dream 11’s parent company Dream Sports today has raised $400 million in a secondary round. With this, the sportstech platform’s valuation has increased to $5 billion.

Dream Sports had raised $225 million from Tiger Global, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures, last August.

TCV, D1 Capital Partners and Falcon Edge Capital were the leading investors who bought the stakes of Kalaari Capital and private equity firm Multiples, among others.

Interestingly, TCV is an early investor in companies like Netflix, Airbnb.

“We are proud to continually contribute to the overall expansion of the Indian sports ecosystem. Our growth trajectory is also a testimony to the honourable Prime Minister’s vision of Atmanirbhar Bharat and Digital India,” said Harsh Jain, CEO and Co-Founder, Dream Sports.

“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 at TCV.

Existing investors like Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures, also participated in this fundraising round.

However, Chinese investor firm Tencent’s stake has been diluted to single digit from 10 percent as Dream Sports’ valuation increased.

Moreover, Tencent could not invest due to the Indian ban on Chinese investments. However unlike some Chinese investors, Tencent has not looked to sell its stake either.

Shunwei Capital, active in India until the ban, recently exited local social network Koo and lending platform Krazybee.

Avendus Capital advised Dream Sports on the fundraise.



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