Dream11 secures massive funding from three big investors. How will this change the game?
Dream Sports, the parent company of Dream11, has raised $225 million in fresh funding from Tiger Global Management, ChrysCapital and Footpath Ventures, and TPG Tech Adjacencies (TTAD).
This secondary investment has valued the fantasy sports site Dream11 at about $2.5 billion. The primary cash infusion is at $2.2 billion valuation.
Dream11 received $100 million funding round from Chinese gaming giant Tencent in September 2018. With the current funding, Dream11 is expected to reduce Tencent Holding’s stake in the company to a single digit.
Harsh Jain, CEO and Co-Founder at Dream Sports, is excited about the new partners. He said, “We are excited to welcome our new partners, who share our passion for sports and have extensive experience in building highly valuable tech companies in India.” He is also expecting more in the near future.
Akshay Tanna, Managing Director at TPG, is also excited about the new partnership and hopes to leverage Dream11’s technology. He said, “There is a significant opportunity to enhance the fan experience, and we are excited to partner with Dream Sports to leverage technology in ways that will deepen the connection between Indian fans and the sports they love.”
Dream11 has the lion’s share of the total players who play fantasy sports. It is estimated that out of 100 million players in India, 82 million players play on the fantasy site.
News Source: The Economic Times
