IPL 2021 sponsor Dream11 closes $400Mn spherical, valuation now $5 billion

IPL 2021 sponsor Dream11 closes $400 Mn funding spherical, valuation shoots up $5 billion

IPL 2021 Fantasy Companion – Dream11 Valuation $5 billion: The canvas is getting larger for India’s largest fantasy sports activities firm Dream11. Simply earlier than the 14th version of the Indian Premier League (IPL 2021), Airbnb and Netflix investor TCV and few others have invested $400 million in Dream11’s guardian entity. The present spherical has reportedly valued the corporate at $5 billion.

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The funding marks maiden India deal for TCV that had earlier backed firms comparable to Airbnb and Netflix. Dream11 additionally noticed the participation of its current traders comparable to Tiger World, ChrysCapital, TPG Progress, Steadview Capital, and Footpath Ventures.

IPL 2021 sponsor Dream11 closes $400 Mn spherical, valuation shoots up $5 billion

The newest spherical comes six months after the corporate had raised a $225 million funding spherical led by Tiger World Administration, TPG Tech Adjacencies (TTAD), ChrysCapital, and Footpath Enterprise at a valuation of almost $2.5 billion.

“This can be a big vote of confidence to the Indian start-up ecosystem. We have now created the Fantasy Sports activities class in India to drive digital engagement to real-life sporting occasions and produce followers nearer to the game they love. We’re proud to repeatedly contribute to the general growth of the Indian sports activities ecosystem,” mentioned Harsh Jain, CEO and co-founder of Dream Sports activities. Dream11 was launched in 2008 and is among the many earliest entrants within the fantasy gaming house in India.

“India is residence to the world’s largest and most energetic sports activities fan base with a dynamic combine that’s distinctive to the subcontinent. Dream Sports activities is serving this group with a extremely modern product providing,” mentioned Gopi Vaddi, Common Companion, TCV.

Dream11 claimed to have over 10 crore customers enjoying fantasy cricket, soccer, kabaddi, basketball, hockey, volleyball, handball, rugby and baseball. The newest funding has come forward of the 2021 Indian Premier League season that’s scheduled subsequent month.

The mega-funding spherical comes proper earlier than fashionable cricketing occasion IPL which is predicted to spice up its income as extra customers have interaction in fantasy gaming with stay sporting occasions like IPL 2021 taking place subsequent month.

Dream 11’s fund-raise comes amid regulatory uncertainty across the sector the place some states see it as a ‘sport of abilities’ whereas others are planning tighter regulation as folks spend actual cash on these platforms. Authorities think-tank Niti Aayog has proposed a nationwide stage pointers for the sector together with options of organising a self-regulatory physique.

IPL 2021 sponsor Dream11 closes $400 Mn spherical, valuation shoots up $5 billion

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