Dream11, the India-based daily fantasy sports service that counts internet group Tencent as an investor, had raised $225m in financing, TechCrunch reported today.
The round valued the company at more than $2.5bn, according to two people familiar with the matter. It included Tiger Global Management, TPG’s Tech Adjacencies unit, ChrysCapital and Footpath Ventures, and consisted of primary and secondary investments.
Founded in 2008, Dream11 has built an online fantasy sports game focused on cricket, in addition to a cricket live scores and media platform called FanCode and a sports accelerator dubbed DreamX.
The company claims it has doubled user numbers from 50 million in February 2019 to more than 100 million users today. It concentrates on a daily fantasy game, where users pick new teams for each round of a league and compete for prizes.
Avendus Capital was financial adviser for the round, which came after Steadview Capital bought $60m of shares in April 2019 through a secondary transaction. Corporates SoftBank and Naspers were in talks to invest in Dream11 in September but do not appear to have done so.
Think Investments, Kalaari Capital and Multiples Equity were the selling shareholders in the April round. All three participated as existing investors in a $100m series D round led by Tencent in September 2018 that valued Dream11 at $700m.
