“Dream Sports, which owns online fantasy sports platform Dream11, has closed a US$400 million funding round led by marquee global technology investors like TCV, which was an early investor in Netflix, D1 Capital Partners, and Falcon Edge,” reported The Times of India.
Details:
- The latest investment brings Dream11’s valuation to nearly US$5 billion, almost double its value from just six months ago, according to people who have been briefed on the matter.
- Some of Dream11’s early investors, such as Multiples Alternate Asset Management and Kalaari Capital, have sold parts of their stake in the deal. Tencent, however, kept its single-digit holding in the company.
- Context:
- Dream11 secured US$225 million in a round led by Tiger Global Management, TPG Tech Adjacencies, ChrysCapital, and Footpath Ventures in September last year, which brought its valuation then to over US$2.5 billion.
- The fresh capital comes less than a month before the kickoff of the professional cricket tournament Indian Premier League.
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