TCV, which has earlier backed companies like Airbnb and Netflix, have invested in Dream11’s parent company Dream Sports which have also raised money from D1 Capital Partners, and Falcon Edge apart from its existing investors such as Tiger Global, ChrysCapital, TPG Growth, Steadview Capital, and Footpath Ventures.
Six months after the biggest Online Fantasy Sports (OFS) company in India raised a $225 million funding round led by Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital, and Footpath Venture at a valuation of nearly $2.5 billion, they have now valued at $5 billion - something that Harsh Jain, CEO and co-founder of Dream Sports, called a huge vote of confidence to the Indian start-up ecosystem.
“This is a huge vote of confidence to the Indian start-up ecosystem. We have created the Fantasy Sports category in India to drive digital engagement to real-life sporting events and bring fans closer to the sport they love. We are proud to continually contribute to the overall expansion of the Indian sports ecosystem,” said Harsh Jain.
Gopi Vaddi, General Partner, TCV, stated that Dream Sports is serving this community with a highly innovative product offering in the last 13 years and the investment is a result of their constant growth.
“India is home to the world’s largest and most energetic sports fan base with a dynamic mix that is unique to the subcontinent. Dream Sports is serving this community with a highly innovative product offering,” said Vardi.
According to a July 2020 report ‘Business of Fantasy Sports’ published by the Federation of Indian Fantasy Sports and KPMG, the gross revenue of the fantasy sports market in India was around $340.47 million in FY20 vis-à-vis around $131.64 million in FY19 with KPMG-IFSG report on sports gaming in India revealing that Dream11 had a share of nearly 90 per cent in the local fantasy sports market.