By Manish Singh
Dream Sports, the parent firm of fantasy sports app Dream11, has secured $225 million in a new financing round as the Mumbai-headquartered firm builds what it calls “end-to-end sports tech company” in the cricket-loving nation, which is also the world’s second largest internet market.
Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures financed $225 million in Dream Sports through primary and secondary investments, the 12-year-old Indian firm said.
The new round values Dream Sports at over $2.5 billion, two people familiar with the matter told TechCrunch.
Dream11 has cashed in on the popularity of cricket — a game that has attracted serious attention from several major firms including Disney and Facebook. Dream11 explores the fantasy part of it, allowing gamers to pick their choice of best players for an upcoming match. They can win cash prizes depending on how their selected team performs.
This year, Dream11 is also the title sponsor for the 2020 season of Indian Premier League cricket tournament, one of the most popular sporting events in the world. The startup won the rights, which was previously secured by smartphone vendor Vivo, by bidding $30 million …read more
Source: Tech Crunch