Dream Sports, the parent company of Dream11, FanCode and DreamX, announced on September 14 that it had completed a primary and secondary investment led by Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital, and Footpath Ventures worth $225 million.

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The company said that it is now valued at $2.5 billion.

Harsh Jain, CEO and Co-Founder of Dream Sports said in a statement, "We are excited to welcome our new partners, who share our passion for sports and have extensive experience in building highly valuable tech companies in India. 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. Our vision is to ‘Make Sports Better’ for India and Indian fans through sports technology and innovation."

Talking about the development, MD of TPG Akshay Tanna 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."

This investment represents growth of the Indian sports technology sector and its potential to transform sports in the country. Commenting on the development, Vice President of ChrysCapital Kshitij Sheth said, "Dream Sports is the largest and fastest-growing Sports Tech platform in the country with a phenomenal track record. ChrysCapital is excited to be a part of their vision to transform the way sport is consumed through technology and innovation."

In a series funding round last year, the fantasy sports platform raised $100 million from Chinese tech conglomerate Tencent Holdings.

Speaking about the growth of the company, Bhavit Sheth, COO and Co-Founder of Dream Sports said, "We welcome our new partners in this phase of our growth. 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."

Dream11 replaced Chinese phone-maker Vivo as the title sponsor of the 2020 Indian Premier League (IPL), scheduled to commence from September 19 in the United Arab Emirates.

First Published:Sept 14, 2020 5:06 PM IST