Dream11 Raises $840 Million Funding at a Valuation of $8 Billion

Dream Sports has raised $840 million in a round led by Falcon Edge, DST Global, D1 Capital, Redbird Capital, and Tiger Global.

Home ยป Dream11 Raises $840 Million Funding at a Valuation of $8 Billion

Dream Sports, the parent company of Dream11, has raised $840 million in a round led by Falcon Edge, DST Global, D1 Capital, Redbird Capital, and Tiger Global. The financing values the sports technology company at $8 billion, up from $5 billion when it received $400 million in March of this year. Existing investors TPG and Footpath Ventures also participated in the deal. Dream11 was believed to be in talks to raise $400 million at a $8.5 billion valuation in September.

According to sources, Dream Sports’ CEO and co-founder Harsh Jain stated that their vision and mission is to build an entrepreneur-led virtuous cycle of investment, innovation, and wealth creation for all stakeholders in the sports ecosystem, ranging from fans to athletes, clubs, and leagues. Their investors have extensive expertise establishing sports ecosystems around the world; and they are lucky to have their assistance in ‘Making Sports Better’ for 1 billion Indian sports lovers.

Dream Capital, FanCode, DreamSetGo, Dream Game Studios, and DreamPay are some of the other brands under which the corporation works. The Dream Capital is an M&A and venture capital arm, DreamSetGo is a sports experiences platform; Dream Game Studios is a game publisher, and DreamPay is a payment service provider. Dream Capital created a $250 million venture capital fund in August. Fittr, SoStronk, KheloMore, and Elevar are among the ten early-stage firms in Dream Capital’s portfolio.

The company had a profit of Rs 180.8 crore earlier

The company earned Rs 180.8 crore in profit for the fiscal year ended March 2020. The company’s operational revenue increased from Rs 775.5 crore in FY19 to Rs 2,070.4 crore in FY20. The founders of the company were recently arrested by Bengaluru Police under the state’s online gambling law, which went into force on October 5.

The company claimed that the statute did not apply to members of the Federation of Indian Fantasy Sports (FIFS); a self-regulatory industry association for fantasy sports; because the format has been upheld by Indian courts as not akin to gambling, betting, or wagering. However, on October 10, the fantasy gaming leader ceased operations in Karnataka, citing player concerns.

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