Dream11 Turns Unicorn With $60 Million Investment From Steadview Capital

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Dream11

Fantasy gaming platform Dream11 is the latest entrant in the unicorn club in the Indian startup system as the company has bagged a fresh round of investment ranging around $60 million from Steadview Capital. The Mumbai based company is now the first gaming company to be in the elite group of privately-held firms with a valuation of more than $1 billion.

Now, apart from counting Steadview Capital as a backer, the firm counts names like Kalaari Capital, Tencent Holdings and Multiple Alternate Asset Management Private Limited as the backers. This fresh round of capital infusion comes after 8 months of Dream11 raising $100 million from Tencent.

The company was founded by Harsh Jain, a University of Pennsylvania and Columbia University alumni along with Bentley University alumnus Bhavit Sheth. Jain, the CEO of the company through a statement said, “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."

Steadview Capital's Ravi Mehta, managing director talking about the investment noted, “We at Steadview believe that Dream11 is poised to become the leading sports company in India catering to everything a sports fan needs…The company’s phenomenal growth track-record, dominant leadership in daily fantasy gaming and strong engagement metrics is a testament to the consumer love for the platform."

As the Indian Premier League, the cricket tournament’s fever grips all over the country, the company is set to gain more customers.

 

Image Courtesy : clevertap

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