Dream 11 enters into Unicorn list by valuation risen to $1-1.5 Billion.
Dream11 is emerging as a market leader in sports gaming and plans have users base of 100 Million from existing million users by year-end.
Dream 11 permits users to play cricket, kabaddi, National Basketball Association (NBA) and Football.
Mumbai based fantasy sports gaming startup Dream 11 has executed a secondary share sale that is slated to be worth $60 million approximately. In this deal three of the company’s existing investors including private equity firm Multiples Alternate Asset Management, Venture Capital firm Kalaari Capital and hedge fund Think Investments partially sold their stake to Steadview Capital in this deal. This deal has doubled the market valuation of Dream 11 to $1-1.5 Billion. In the previous round in April 2018, Tencent has led a $100 Million round that valued Dream 11 to $500 Million.
According to IFSG-KPMG report, Dream11 is the market leader with regards of total user base on a fantasy sports platform having over 50 million users. The user base of gaming startup has grown at a CAGR of approximately 230% over a period of 3 years.
Harsh Jain, CEO, and Co-Founder, Dream11 said, “We are pleased to welcome Steadview Capital onboard. Our exponential growth over the past few years would not come into existence without the trust and assistance of our investors and Dreamsters (employees). Providing great returns to our shareholders, whether investors or Dreamsters, is very important to us and further reinforces their belief in Dream11. We are continuously working hard and are targeting to end the year with 100 million users.”
Further citing the investment Ravi Mehta, Managing Director, Steadview Capital, said, “We at Steadview believe that Dream11 is poised to become the leading sports company in India catering to everything a sports fan needs. We think very highly of the visionary founders and are happy to partner with the team in this journey. The company’s phenomenal growth track-record, dominant leadership in daily fantasy gaming and strong engagement metrics is a confirmation to the consumer love for the platform.”
Dream 11 came into action in 2012 by Harsh Jain alumni of University of Pennsylvania as well as Columbia University and Bhavit Sheth Bentley University alumnus. It permits users to play fantasy games in categories such as cricket, kabaddi, National Basketball Association (NBA) and Football.
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