Dream11 becomes India’s first gaming unicorn after latest investment
DFS operator aims to have 100 million users by the end of the year
Indian DFS operator Dream 11 has become India’s first gaming unicorn after a new investment valued the business at $1-1.5bn.
The investment saw Steadview Capital, an Asia-focused alternative asset manager, acquire equity from previous investors, with the value of the deal thought to be around $60m.
Indian Dream11 said it already has around 50 million users and is targeting 100 million by the end of the year.
The latest funding round marks a major jump in Dream11’s value, which was reported to be around $500m after a series D funding round in September last year.
The firm’s user base has grown at a CAGR of around 230% over the last three years.
“We are excited to welcome Steadview Capital onboard,” said Harsh Jain, Dream11 CEO and co-founder.
“Our exponential growth over the past few years would not have been possible without the support and trust of our investors and Dreamsters (employees).
“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 MD Ravi Mehta added: “We at Steadview believe that Dream11 is poised to become the leading sports company in India catering to everything a sports fan needs.
“We think very highly of the visionary founders and are excited to partner with the team in this journey. 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.”
Dream11 is an official partner of several high-profile leagues including the IPL and NBA.