Dream11 parent valued at $5 billion in $400 million secondary funding round
Summary
The deal also comes just before the Indian Premier League (IPL) cricket tournament kicks off in a few weeks. IPL is a significant contributor to Dream Sports revenue.This is a huge vote of confidence to the Indian start-up ecosystem. Our growth trajectory is also a testimony to the honourable Prime Ministers vision of Atmanirbhar Bharat and Digital India, said Harsh Jain, CEO and Co-Founder, Dream Sports.India is home to the worlds largest and most energetic sports fan base with a dynamic mix that is unique to the subcontinent. Dream Sports is serving this community with a highly innovative product offering, said Gopi Vaddi, General Partner at TCV.Chinese internet giant Tencent is also an investor in the company, and while it held a 10% stake earlier, its stake has now been diluted down to single digits as Dream Sports valuation grew but Tencent could not invest due to the Indian ban on Chinese investments. However unlike some Chinese investors, Tencent has not looked to sell its stake either.Shunwei Capital, active in India until the ban, recently exited local social network Koo and lending platform Krazybee.