Dream Sports, a homegrown company that owns brands such as fantasy sports platform Dream11, FanCode, and DreamX, on Wednesday announced the completion of a $400 million (approximately Rs 2,904 crore) secondary investment led by TCV, D1 Capital Partners and Falcon Edge. This is the largest investment in the Indian sports tech ecosystem to date. With this, reports say the company is valued at nearly $5 billion.

Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports currently employs close to 600 people. The round also saw participation from existing investors like Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures.

"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 Jain, CEO and Co-Founder.

Dream Sports has been featured in the Top 10 ‘Great Places to Work' in India every year since 2018, by the Great Place to Work' Institute, in the mid-sized company category.

"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 Gopi Vaddi, General Partner at TCV, which has invested in global tech giants like Netflix, Airbnb, Sportradar and Peloton.

Dream11 was the new title sponsor of the 2020 edition of the Indian Premier League (IPL). While FanCode is a premier digital sports platform that personalises content and commerce for all sports fans, DreamX is a sports accelerator.

In September last year, Dream Sports said it raised $225 million (approximately Rs 1,652 crore) in an investment round led by Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures.