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Unicorn Tag Not Just “Fantasy”: Dream11 Valuation Crosses $1 Billion With Investment From Steadview Capital
Dream11 CEO and Co-Founder Harsh Jain. (Website/Dream11)
India-based online gaming firm Dream11 today (9 April) became the latest Indian startup to earn the coveted ‘unicorn’ tag, with the completion of a secondary investment by Steadview Capital which valued the company over $1 billion, reports Mint.
With this investment, Dream11 has now become the first gaming-focused company in the country to have a valuation of a billion dollars.
“We are excited to welcome Steadview Capital on board. Our exponential growth over the past few years would not have been possible without the support and trust of our investors and Dreamsters (employees)...We will keep working hard and are targeting to end the year with 100 million users," said Harsh Jain, CEO and co-founder in a statement.
Co-founded by Harsh Jain and Bhavit Sheth in 2008, Dream11 allows users to create virtual teams for cricket, kabaddi, football, among other sports. Users can then organise matches based on statistical performance of players in the actual game.
Impressive Growth Stats
As per an IFSG-KPMG report, Dream11 is the de-facto market leader in the fantasy sports market, with a user base of over 50 million users. The startup’s user base has grown at a compound annual growth rate (CAGR) of 230 per cent over three years.
Jain is also the founding Chairman of the Indian Federation of Sports Gaming (IFSG) - a self-regulated body formed to protect consumer interests and standardise best practices in the sports gaming industry.
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