Fantasy Sports platform Dream 11 is now valued at more than 1 Billion $. This is the first time that a gaming corporation has entered the unicorn club. According to a report by the Economic times, after securing funding from Steadview Capital, Dream 11 has officially been declared a Unicorn.
UNICORN STARTUPS : Startups That Crosses Valuation more than One Billion $
Steadview Capital is London and Hong-kong based investment company.
After three of Dream11s existing investors sold their stake, it was the right time for Steadview capital to finalize the deal.Kalaari Capital,Multiple Alternate Asset management and US-based hedge fund think investments. While the official deal amount hasn’t been disclosed sources told the Economic Times that after Steadviews investment, Dream11,s valuation no stand at about $1-$1.5 billion. Dream 11 has previously received investment from biggies like Tencent Games. Based Tencent is the parent company of popular game PUBG.
About Dream 11
Founded in 2008, Dream 11 dominated the Indian fantasy market. With more than 50 million users Dream 11 is the largest fantasy game. The popularity spiked during IPL. It organizes fantasy cricket, hockey, kabaddi, baseball, etc. This Fantasy sport Is the huge business in countries like the US and England where millions of users play fantasy football, basketball, etc
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Mahendra Singh Dhoni is currently the Brand Ambassador.
Dream11 chief executive Harsh Jain confirmed the deal to the Economic Times and was quoted as saying,
“We are excited to welcome Steadview Capital onboard…Providing great returns to our shareholders, whether investors or Dreamsters, is very important to us and further reinforces their belief in Dream11. We will keep working hard and are targeting to end the year with 100 million users.”
Indian startup scenario has witnessed tremendous changes in the past decade. The Indian Unicor Club consists of Food Tech, Edu-tech, Fintech among other sectors.
None of them was gaming based and so the newest entry is Dream 11