MUMBAI: Dream Sports, parent company of India’s leading fantasy sports platform Dream11, has raised $400 million in a new financing round.
With this funding, which didn’t include issuance of any new shares, Dream Sports is now valued at an incredible $4 billion+, just six months after it raised $225 million at a $2.5 billion valuation.
The funding round, which come through a secondary share sale by Dream Sports’ early investors, was led by Technology Crossover Ventures (TCV), D1 Capital Partners and Falcon Edge Capital.
This is the first investment of TCV, a long-time backer of Netflix Inc., in India, Livemint reports.
Existing investors, including Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures, also participated in the round, which brings Dream Sports’ total to-date raise to over $720 million.
Avendus Capital was the financial advisor to Dream Sports on the transaction.
“This is a huge vote of confidence to the Indian startup 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, co-founder and chief executive of Dream Sports, in a statement.
Jain and Bhavit Sheth founded Dream Sports in 2008.
