Dream Sports on Wednesday said it had raised $840 million ( approx Rs 6,225 crore) in its latest funding round led by Falcon Edge, DST Global, D1 Capital, Redbird Capital and Tiger Global. The latest round of funding brings the total valuation of the company to $8 billion (Rs 59,572.80 crore). The company added the funding round also had participation from existing investors like TPG and Footpath Ventures. As per the company statement, the latest investment was amongst the largest ever in the sports tech sector.
Dream Sports is the owner of popular entertainment platforms such as Dream11, Dream Capital, FanCode, DreamSetGo, Dream Game Studios, and DreamPay. The company was founded in 2008 by Harsh Jain and Bhavit Sheth and is headquartered in Mumbai.
The company claims to have an existing user base of 140 million Indian sports fans. It says that it is working on building a sports ecosystem that includes sports content, commerce, experiences, fan engagement (including sports gaming and e-sports), Web 3.0 solutions, fantasy sports, and fitness tech. Earlier this year, Dream Sports had announced a corpus of $250 million through its CVC and M&A arm, Dream Capital. It claims to be working on expanding its sports, fan engagement and fitness portfolio globally and in the country.
Dream Capital has built an initial portfolio of 10 companies, largely focusing on thematic early-stage investments in India, including, Fittr, SoStronk, KheloMore, and Elevar.
“Our vision and mission is to create an entrepreneur-led virtuous cycle of investment, innovation, and wealth creation for all stakeholders in the sports ecosystem, from fans to athletes, teams, and leagues. Our investors have deep experience in developing sports ecosystems globally, and we are fortunate to have their guidance to ‘Make Sports Better’ for 1 billion Indian sports fans,” Dream Sports Chief Executive Officer and co-founder Harsh Jain said.