Dream11, which is an online gaming enterprise, recently had announced the completion of a secondary investment made by Steadview Capital, an Asia dedicated alternate asset manager. The investment takes Dream11’s valuation at approximately $1 billion. Its a 1st Indian gaming company for moving in the club of Unicorn.
“We are excited to welcome Steadview Capital on board. Our exponential growth would not be 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,” states Harsh Jain, chief executive & co-founder, Dream11 in his statement.
According to the report of IFSG-KPMG, in terms of the entire user base over the made-up sports platform. Dream11 is the market frontrunner with around 50 million consumers. Also, its user base has grown-up at a CAGR of around 230% over a spell of almost 3 years.
“We, at Steadview, believe that Dream11 is poised to become the leading sports company in India. And 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,” voiced Ravi Mehta, managing director at Steadview Capital.
Beside Steadview Capital, there are several other investors in the company. Such as Think Investments, Kalaari Capital, Multiples Equity as well as Tencent.
Dream11, which was founded in a joint venture of Harsh Jain & Bhavit Sheth, permits consumers for creating virtual teams for kabaddi, cricket, football, amongst other sports, also enables them in organizing matches based upon the statistical performance of the players in a real game. Dream11’s evolution trajectory still was plagued with legal challenges. Because of the fantasy gaming’s resemblance to gambling that is mostly illegal in India. Its lawfulness was defied in Punjab as well as Haryana High Court. But, the court ruled that fantasy gaming requires skill rather than the chance in April 2018.
The electronic-sports gaming organization that has been endorsed by Indian cricketer Mahendra Singh Dhoni, has signed a 4-year partnership with the BCCI which has been started with the IPL 2019.
On the other hand, IPL, Dream11 have been linked with Pro Kabaddi League (PKL), International Council of Cricket (ICC), National Basketball Association (NBA), Indian Super League (ISL), International Hockey Federation (FIH) Caribbean Premier League (CPL) and Big Bash League (BBL).