MUMBAI: Fantasy sports platform Dream11, which had earlier this year been put on hold plans to raise $150-200 million in funding at a $2-2.2 billion valuation as a fallout of the COVID-19 pandemic and the resultant chaos around it, is back “at the table” as it were.
Inc42 reports that private equity firm Kedaara Capital has entered the fray as a potential investor alongside other private equity firms such as TPG Capital, Advent International, James Murdoch’s Lupa Systems and Chrys Capital, which have already evaluated the investment opportunity.
According to the tech mergers and acquisitions focused platform, Dream11 plans to accommodate three-four investors in this round.
It was in April 2019 that Dream11 announced the completion of a secondary investment by Hong Kong and London-based Steadview Capital, an Asia-focused alternative asset manager, which marked the entry of India’s biggest fantasy sports platform into the unicorn club as the first Indian gaming company to achieve this milestone.
The company’s upcoming planned funding round will be the largest capital raise till date for the company. According to an Economic Times report, this will predominantly be a secondary sale of shares providing a partial exit to Vani Kola-led Kalaari Capital, Renuka Ramnath-founded Multiples Alternate Asset Management and San Francisco-based Think Investments.
For the record, the company has had five funding rounds since its inception.
Dream11 is the official gaming partner of the Indian Premier League (IPL), and the Board of Control for Cricket in India (BCCI).
Founded in 2008 by Harsh Jain and Bhavit Seth, Dream11 claims to have more than 80 million users on its platform, participating in a range of cash contests while playing fantasy sports such as cricket, hockey, football, kabaddi and basketball.
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Steadview Capital investment marks Dream11 entry into unicorn club
