The Dream11 fantasy sports owner secured the investment from Falcon Edge, D1 Capital, DST Global, and others
Dream Sports takes its valuation to $8bn following a new funding round. (Credit: mohamed Hassan from Pixabay)
Dream Sports, an Indian sports technology company that owns multiple digital brands, has raised $840m in a funding round to take its valuation to $8bn.
The investment round was led by Falcon Edge, D1 Capital, DST Global, Tiger Global, and RedBird Capital. Existing investors such as Footpath Ventures and TPG also took part in the round.
Dream Sports’ brands include Dream Capital, Dream11, FanCode, Dream Game Studios, DreamSetGo, and DreamPay.
DST Global managing partner Rahul Mehta said: “We’re excited to partner with the Dream Sports family in their vision of building the leading end-to-end sports tech company in India.
“We’re very impressed with their customer-centric approach, product strategy and ability to strengthen connections between fans and their favourite sports.”
Founded in 2008, the sports tech company is claimed to have an existing user base of 140 million in India.
Dream11 is a fantasy sports platform while FanCode is a sports content and commerce platform.
DreamSetGo is a sports experiences platform and DreamPay is a payment solutions provider.
On the other hand, Dream Capital is the corporate venturing capital (CVC) and merger and acquisitions (M&A) arm of Dream Sports.
The Mumbai-based firm is said to be working towards developing a large sports ecosystem that includes sports content, fan engagement such as sports gaming and e-sports, commerce, experiences, fantasy sports, Web 3.0 solutions, and fitness tech.
In August 2011, the sports tech conglomerate announced a corpus of $250m through Dream Capital to invest in sports, gaming, as well as fitness tech startups.
As part of that, Dream Capital has built an initial portfolio of 10 firms, focusing largely on thematic early-stage investments in India. The companies, which are backed by Dream Capital are Fittr, KheloMore, SoStronk, and Elevar.
Dream Sports CEO and co-founder Harsh Jain said: “Our vision and mission is to create an entrepreneur-led virtuous cycle of investment, innovation and wealth creation for all stakeholders in the sports ecosystem, from fans to athletes, teams and leagues.
“Our investors have deep experience in developing sports ecosystems globally, and we are fortunate to have their guidance to ‘Make Sports Better’ for 1 Billion Indian sports fans.”