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IPL Title Sponsor Dream 11's Parent Company Dream Sports Raises $225 Million In Series E Funding
Dream11 CEO and Co-Founder Harsh Jain. (Website/Dream11)
Sports technology unicorn startup Dream Sports which owns brands like Dream11, FanCode and DreamX has raised $225 million in a Series E funding round which witnessed participation from a stream of investors like Tiger Global Management, TPG Tech Adjacencies, ChrysCapital and Footpath Ventures, reports Business Standard.
The company is said to have been valued at $2.5 billion, which depicts a rapid rise in valuation since April 2019 when Dream Sports had been declared India's first-ever gaming sector unicorn. It should also be noted that the company already has a stream of noted investors backing it, which include Multiples, Think Investment, Steadview, Kalaari Capital and Tencent.
Recently, Dream Sports had replaced Chinese smartphone maker Vivo as the title sponsor for the soon-to-begin season of the Indian Premier League (IPL) cricket tournament. The company had won the sponsorship rights for a total of Rs 222 crore.
Co-founded by Harsh Jain and Bhavit Sheth, the Mumbai based firm witnessed its revenue jump by whopping 350 per cent in FY19 to Rs 775 crore which was primarily earned through sign-up fees. It's latest financials are still to be released though.
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