Dream11’s parent company Dreamsports has raised $400 million in its latest funding round. With the same, the sportstech platform’s valuation has reportedly almost doubled to $5 billion.
Dream11’s new valuation brings it to the league of India’s most valued unicorns like Paytm ($16 billion), BYJU’S ($12 billion), OYO ($9 billion), Zomato ($5 billion) among others.
The secondary investment round was led by investors TCV, D1 Capital Partners and Falcon Edge, while the company’s earlier investors Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures too participated in the round.
Earlier in August last year, Dream Sports had raised $225 million from Tiger Global, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures.
Interestingly, TCV is an early investor in companies like Netflix, Airbnb.
“India is home to the world’s largest and most energetic sports fan base with a dynamic mix that is unique to the subcontinent. Dream Sports is serving this community with a highly innovative product offering,” said Gopi Vaddi, general partner at TCV.
Dream11’s funding comes as the Indian Premier League is set to take place between April and May, 2021. The fantasy gaming platform sees a majority of its revenue coming from the IPL.
The 13-year old startup had also become the title sponsor for the last edition of the Indian Premier League.
Last year, the company had also entered into sports merchandising.