Home-grown sports technology company Dream Sports which has in its portfolio brands such as Dream11, FanCode and DreamX on Monday said it has 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.
Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports is headquartered and located in Mumbai.
"In the last two years, we have grown beyond fantasy sports to sports content, merchandise, streaming, experiences, and there is much more to come. Our vision is to 'Make Sports Better' for India and Indian fans through sports technology and innovation," Jain, CEO and Co-Founder, Dream Sports, said in a statement.
Dream11 is the new title sponsor of the 2020 edition of the Indian Premier League (IPL).
"We welcome our new partners in this phase of our growth. We have grown from one to many brands and from 200 Sportans (employees of Dream Sports) to 450 in the last two years," said Sheth, COO and Co-Founder, Dream Sports.
"I am proud of our lean yet highly efficient team that has been the driving force behind the creation of 'Sports Tech' as a new industry category in India."
Dream11 is a fantasy sporting platform which offers various games including cricket, football, basketball, baseball, among others. During a live game, users can pick players and create fantasy teams using players from both teams. These virtual fantasy teams compete against each other and users can win money from a reward pool based on the outcome of the actual game.
The new investment round values Dream Sports at over $2.5 billion, according to media reports. Dream11 has raised about $325 million so far.
This funding round also reportedly gives exit to some of its existing investors such as Kalaari Capital, Multiples and Think Investments, with a significant portion of the funds raised being in secondary capital.
Dream11 also counts Chinese internet major Tencent Holdings as a major investor.