Tiger Global, ChrysCapital join $225 mn investment round in Dream11 parent

Dream Sports (Sporta Technologies), the Mumbai based company that owns fantasy gaming platform Dream11 and is currently building out a full stack sports technology platform, has raised $225 million in a funding round from an investor consortium consisting of Tiger Global Management, TPG’s technology investment vehicle TPG Tech Adjacencies, ChrysCapital and Footpath Ventures.

The investment is a combination of a secondary and primary capital infusion, the company said in a statement. Details of the transaction were not specified. 

The latest investment takes the total capital raised by Dream Sports to $325 million, according to media reports. 

In April last year, Dream Sports became the first homegrown gaming company to break into the unicorn club when Hong Kong headquartered hedge fund Steadview Capital picked up a stake. The Steadview investment created partial exits for early investors Kalaari Capital, Multiples Alternate Asset Management and Think Investments.

Shenzhen headquartered technology conglomerate Tencent Holdings is also an existing investor in the company. In late 2018, Tencent led a $100 million investment round. 

For New York headquartered alternative investments firm Tiger Global, the investment in Dream Sports marks its second bet in India’s digital gaming market. The participation of homegrown private equity firm ChrysCapital, which largely invests in non-technology businesses, is also significant in that it underscores the potential of the sector.

Dream Sports was founded in 2008 by Harsh Jain and Bhavit Sheth. It runs fantasy leagues for cricket, football, kabaddi, basketball and other sports. The platform offers content in vernacular languages. It allows users to create virtual teams comprising real-life players and lets them organise matches based on the statistical performances of those players in actual games.

“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,” Jain said.

Its other products include FanCode, a multi-sport aggregator platform; DreamSetGo, a sports travel and experiences platform; and DreamX, which is a sports startup studio and accelerator platform.

The latest investment round also comes days before the Indian Premier League (IPL) cricket tournament. Last month, Dream11 became the title sponsor for the 13th edition of the IPL.