Fantasy sports brand Dream11’s parent firm raises $225mn

New Delhi: Sport-tech company Dream Sports on Monday said it has raised $225 million (about Rs 1,651.7 crore) in funding led by Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures.

Dream Sports — which has brands like Dream11, FanCode and DreamX in its portfolio — has completed a primary and secondary investment led by Tiger Global Management, TTAD, ChrysCapital and Footpath Ventures worth $225 million, a statement said.

“As a homegrown Indian company, we are proud to continue adding value to our 10 crore Indian sports fans, investors, employees and the overall sports ecosystem in India. In the last two years, we have grown beyond fantasy sports to sports content, merchandise, streaming, experiences, and there is much more to come,” Dream Sports CEO and co-founder Harsh Jain said.

Akshay Tanna, managing director at TPG said the sports sector has high growth potential in India.

“There is a significant opportunity to enhance the fan experience and we are excited to partner with Dream Sports to leverage technology in ways that will deepen the connection between Indian fans and the sports they love,” he said.

Set up in 2008, Dream Sports was founded by Harsh Jain and Bhavit Sheth and the company is headquartered in Mumbai.

“We have grown from one to many brands and from 200 Sportans (employees of Dream Sports) to 450 in the last two years. I am proud of our lean yet highly efficient team that has been the driving force behind the creation of ‘Sports Tech’ as a new industry category in India,” Bhavit Sheth, COO (chief operating officer) and co-founder at Dream Sports, said.

Avendus Capital was the exclusive financial advisor to Dream Sports on the transaction.