It is the turn of Dream11, a startup in the online gaming sector, to become a Unicorn. This is first company in the online gaming space to attain the unicorn status after receiving a secondary investment from Steadview Capital. Dream11 enjoys as much as 50% market share in the 100 million user-base the gaming industry has been able to muster in a very short period of time.
Dream11 has been clocking a phenomenal growth over the past three years. Investors in Dream11 include Kalaari Capital, Think Investments, Multiples Equity and Tencent, apart from Steadview Capital.
âWe are excited to welcome Steadview Capital onboard. Our exponential growth over the past few years would not have been possible without the support and trust of our investors and Dreamsters (employees). Providing great returns to our shareholders, whether investors or Dreamsters, is very important to us and further reinforces their belief in Dream11. We will keep working hard and are targeting to end the year with 100 million users,â Harsh Jain, CEO and Co-Founder, Dream11 said in a statement.
The company says it aims to take its current customer base of 50 million to 100 million by the end of this year.
Commenting on this development Ravi Mehta, Managing Director, Steadview Capital, said, âWe at Steadview believe that Dream11 is poised to become the leading sports company in India catering to everything a sports fan needs. We think very highly of the visionary founders and are excited to partner with the team in this journey. The companyâs phenomenal growth track-record, dominant leadership in daily fantasy gaming and strong engagement metrics is a testament to the consumer love for the platform.â
âWe are looking forward to working with the Steadview Capital team in providing the best sports experience to fans. I am proud of the fact that a lean yet highly efficient team of just 200 Dreamsters have been the driving force behind our rapid growth,â Bhavit Sheth, COO and Co-Founder, Dream11, said.
Dream11, Indiaâs Biggest Sports Game, today announced the completion of a secondary investment by Steadview Capital, an Asia-focused alternative asset manager. This investment marks Dream11âs entry into the âUnicorn Clubâ as the first Indian gaming company to achieve this milestone.
Dream11 has a business model where it includes sports like Fantasy Cricket, Football, Hockey, Basketball and Kabaddi. Fans create their dream teams and compete with other fans and points are awarded based on the actual performance of the players chosen in the dream teams. Dream11 has signed up with a number of sports leagues and tournaments across the world.