Mumbai-based fantasy gaming startup Dream11 has raised $100 million in a Series D funding round led by Chinese Internet conglomerate Tencent with participation from existing investors, including venture capital firm Kalaari Capital and private equity firm Multiples Alternate Asset Management. According to the media reports, the company has been valued at $750 million in the latest funding round.
Founded in 2012 by Harsh Jain and Bhavit Sheth, Dream11 is India’s biggest sports gaming platform with over 4 crore users playing Fantasy Cricket, Football, Kabaddi and NBA. It is a game of skill that offers Indian sports fans a platform to showcase their sports knowledge. Fans can create their own team of real-life players from upcoming matches, score points based on their on-field performance and compete with other fans.
Dream11 helps sports fans increase their engagement and connect deeper with the sport they love by being a team owner, not just a spectator. The company is also the Official Partner of the top sports leagues in the world such as the Hero CPL, Hero ISL and NBA.
“We are happy to confirm that Tencent has led our Series D round along with participation from our existing investors. As a policy, we do not comment on the details of our funding,” a spokesperson for the firm confirmed it to BWDisrupt. “We will invest in technology, people and expand our product offering to provide the best-in-class sports experience to our users. Currently, Dream11 has around 4.1 crore users and is set to grow to 10 crore users by 2019. Our goal is to create awareness around fantasy sports in India and keep getting more of India’s 800 million sports fans to play fantasy sports on Dream11.”
Kalaari Capital, Think Investments, and Multiples Equity are the marquee investors in Dream11. Recently, MS Dhoni joined Dream11 as its brand ambassador.