Sports tech company
Dream Sports, the parent company of
Dream11, on Wednesday said it has raised $840 million (about
₹6,252.2 crore) in funding, led by Falcon Edge, DST Global, D1 Capital, Redbird Capital, and Tiger Global at a valuation of $ 8 billion.
The round also saw participation from existing investors like TPG and Footpath Ventures, making it amongst the largest investments globally in the sports tech sector, a statement said.
Dream Sports has brands such as Dream Capital, FanCode, Dream11, DreamSetGo, Dream Game Studios, and DreamPay in its portfolio. Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports is headquartered in Mumbai and employs close to 1,000 people.
Dream Sports, with an existing user base of 140 million Indian sports fans, is working on building a sports ecosystem that includes sports content, commerce, experiences, fan engagement (including sports gaming and e-sports), Web 3.0 solutions, fantasy sports, and fitness tech. Earlier this year, Dream Sports had announced a corpus of $250 million through its CVC and M&A arm, Dream Capital.
Dream Capital has built an initial portfolio of 10 companies, largely focusing on thematic early-stage investments in India, including, Fittr, SoStronk, KheloMore, and Elevar.
Dream Capital is now expanding its sports, fan engagement, and fitness portfolio in India and globally, the statement 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,” Dream Sports Chief Executive Officer and co-founder Harsh Jain said.
SEE ALSOIndia to get 6G by 2023 end or 2024, India’s Communications minister says while the country still waits for 5G rolloutBesides crypto, these are the major bills that will be introduced in the winter session of the Parliament
Next Story
I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
Why are so many elite coaches moving to Western countries?
Global GDP to face a 19% decline by 2050 due to climate change, study projects
5 things to keep in mind before taking a personal loan
Markets face heavy fluctuations; settle lower taking downtrend to 4th day
Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’
