IPL title sponsor Dream11 raises fresh funds from Tiger Global, others via primary, secondary deals

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Updated: Sep 14, 2020 3:48 PM

Dream11 competes with Mobile Premier League, HalaPlay, Ballebaazi, MyTeam11 in the fantasy gaming segment. The online gaming market size in India is expected to grow from around Rs 4,400 crore in FY 2018 to almost Rs 12,000 crore by FY 2023.

Dream11 acquired the title sponsorship for this year’s IPL following the Chinese smartphone maker Vivo had suspended the contract for this year.

Fantasy sports startup Dream Sports, which owns brands including Dream11, FanCode and DreamX, has raised $225 million led by Tiger Global, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures. The deal marks the “completion of the primary and secondary investment,” the company said on Monday indicating a mix of primary investment and secondary transactions. Dream11, which allows users to create their own virtual teams for different real-life sports and pit them against each other, has been looking to raise capital from last year. The gaming startup had last raised investment in April 2019 through a secondary sale wherein Steadview Capital had purchased undisclosed shares its investors including Multiples Equity, Kalaari Capital and Think Investments. The deal had reportedly valued the company beyond $1 billion unicorn mark.

Dream11 didn’t immediately respond to Financial Express Online’s query around its valuation.

“We are proud to continue adding value to our 10 crore Indian sports fans, investors, employees and the overall sports ecosystem in India. In the last two years, we have grown beyond fantasy sports to sports content, merchandise, streaming, experiences, and there is much more to come,” said Harsh Jain, CEO and Co-Founder, Dream Sports. The investment comes days after Dream11 acquired the title sponsorship for this year’s IPL following the former title sponsor Chinese smartphone maker Vivo had suspended the contract for this year as a result of the public backlash to ban Chinese companies in India amid the border clash between the two countries.

Also read: Indian startups, Jio help Facebook, Amazon, Microsoft, Google, Apple set funding record amid Covid

“The sports sector has high growth potential in India. 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,” said Akshay Tanna, Managing Director, TPG said. Dream11 competes with Mobile Premier League, HalaPlay, Ballebaazi, MyTeam11 in the fantasy gaming segment. The online gaming market size in India is expected to grow from around Rs 4,400 crore in FY 2018 to almost Rs 12,000 crore by FY 2023, as per statistics portal Statista on the back of affordable internet and cheaper smartphones.

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