India-based fantasy sports platform Dream11 has raised $100m in a series D round led by internet company Tencent, Inc42 reported on Friday.
The round also included Kalaari Capital and Multiples Alternate Asset Management. Tencent had been reported to be considering an investment in Dream11 at a valuation of $400m to $450m in April this year, though the valuation was not confirmed.
Founded in 2012, Dream11 has created a platform for users to compete in fantasy sports covering football, basketball, cricket and kabaddi. Users build a team of real-life players and score points based on those players’ actual performance on the field.
The platform claims to have attracted 20 million users to date and is targeting 100 million users by 2020.
The money will go towards an expanded product offering and investments in technology and staff.
Details about Dream11’s earlier funding have not emerged, though Kalaari Capital, Multiples Alternate Asset Management and Think Investments reportedly backed previous rounds.