Fantasy sports platform Dream11 [owned by Dream Sports] has scooped up $840 million in a new round led by Falcon Edge, DST Global, D1 Capital, Tiger Global and Redbird Capital. TPG and Footpath Ventures also participated in the round.
Entrackr had exclusively reported about this funding round in Dream11 on Aug 30.
According to the company, it has raised fresh funds at $8 billion valuation. This is a significant jump in Dream11’s valuation which was valued at $5 billion during a $400 million secondary transaction in March this year.
In August, Dream11’ parent Dream Sports had launched its venture capital cum merger and acquisition arm Dream Capital with a corpus of $250 million. According to the firm, Dream Capital has built an initial portfolio of 10 startups including, Fittr, SoStronk and KheloMore.
Dream Capital is now expanding its sports, fan engagement and fitness portfolio in India and globally.
With a user base of 140 million, Dream Sports offers sports content, commerce, experiences, fan engagement (including Sports gaming and esports), Web 3.0 solutions, fantasy sports and fitness tech.
Dream11 was recently in the news as the company had to suspend its operations for users in Karnataka following a first information report (FIR) lodged against its founders. The FIR alleged the company of violating the new law banning wagering and betting in online games. However, the Karnataka High Court restrained police from taking action against Dream11’s founders.
Dream11, which is yet to file its annual financial for FY21, had posted Rs 181 crore in profit in FY20. According to Fintrackr, the company had recorded operating revenue of Rs 2,070 crore during the financial year against a total expense of Rs 1,867.6 crore.
Dream11 is the highest valued startup in the fantasy and e-sports ecosystem. Mobile Premier League [MPL] had raised its Series E round at a $2.3 billion valuation in September.