Dream11, an India-based fantasy sports platform backed by internet company Tencent, is set to receive a $100m investment from hedge fund Steadview Capital, TechCircle reported on Monday.
Steadview is expected to be the sole investor in the round, which will increase the company’s valuation to between $1.3bn and $1.5bn, people familiar with the development told TechCircle.
Harsh Jain, Dream11’s co-founder and chief executive, told TechCircle there are no plans to conduct a primary fundraise, though secondary transitions may still take place.
Dream11 runs an online platform with a reported 50 million users that allows users to play against each other and compete for prizes in fantasy sports such as basketball and cricket. Users select real life players and are awarded points based on how their chosen players’ perform during their matches.
Steadview’s potential investment is set to come just seven months after Tencent led a $100m series D for Dream11 that also featured venture capital firm Kalaari Capital and private equity firm Multiples Alternate Asset Management.
The company is yet to begin spending the series D proceeds but will likely do so in connection with large forthcoming sporting events such as the Cricket World Cup and the next Indian Premier League cricket season, Jain told TechCircle.
Dream11 has not disclosed any previous funding, though Kalaari Capital, Multiples Alternate Asset Management and Think Investments had reportedly made commitments to earlier rounds.