Online fantasy gaming platform Dream11's parent company Dream Sports on Wednesday announced that it has raised $840 million at a valuation of $8 billion. The funding round was led by investors including Falcon Edge, DST Global, D1 Capital, Tiger Global and RedBird Capital. TPG and Footpath Ventures also participated, making it amongst the largest investments globally in the sports tech sector, the company said in a statement.
The new funding comes after the company closed a $400 million secondary funding round in March at a valuation around $5 billion.
Earlier in August, the Mumbai-based company made an initial allocation of $250 million for its corporate venture capital and acquisitions arm, Dream Capital to invest in sports, gaming and fitness-tech startups.
Dream Sports reported a profit of Rs 181 crore in FY2020, compared to a loss of Rs 87.8 crore in FY2019.
Commenting on the investment, Harsh Jain, CEO and Co-Founder, Dream Sports said, “Our vision and mission is to create an entrepreneur-led virtuous cycle of investment, innovation and wealth creation for all stakeholders in the sports ecosystem, from fans to athletes, teams and leagues. Our investors have deep experience in developing sports ecosystems globally, and we are fortunate to have their guidance to ‘Make Sports Better’ for 1 Billion Indian sports fans”
“We're excited to partner with the Dream Sports family in their vision of building the leading end-to-end sports tech company in India,” said Rahul Mehta, Managing Partner at DST Global, which is one of the investors in this new funding round.
Avendus Capital was the exclusive financial advisor to Dream Sports on the transaction.
Dream Sports says it has a user base of 140 million which it wants to leverage and build a complete sports experience around, including Sports Content, Commerce, Experiences, Fan Engagement (including Sports Gaming and Esports), Web 3.0 solutions, Fantasy Sports and Fitness Tech. The company has close to 1,000 employees.
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