Dream11’s Parent Raises $400 Million In Secondary Investment
Summary
The fresh investment doubles the company’s valuation to nearly $5 billion in less than a year, a person privy to the development told BloombergQuint on the condition of anonymity. Existing investors Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures, too, participated in the round. This is TCV’s first bet in India, which has previously invested in tech giants like Netflix Inc., Airbnb Inc. and Peloton Interactive Inc.. Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream11 was one of the first startups in the fantasy gaming space to be able to cash in on India’s love for cricket. “This is a huge vote of confidence to the Indian start-up ecosystem,” Harsh Jain, chief executive officer and co-founder of Dream Sports, was quoted as saying in the statement.