Dream11 Lists $550MN Investment Ahead Of IPL
Deam11, the Mumbai-based fantasy gaming startup, is raising fresh funds to the tune of $500 MN. And it is expected to get the funds before the Indian Premier League starts. Tiger Global could become its largest investor so far.
According to an unconfirmed report, Tiger Global would buy new as well as secondary shares from the company’s existing shareholders like Kalaari Capital, Think investment and private equity firm Multiples. But Dream11 is tightlipped over the investment.
Previous year, its founder BhavitSheth its user base had increased at CGAR of 230%. He further said that during IPL 2018, the company had 1MN concurrent users and that the expected to the users would increase to 2-3MN in the 2019.
Harsh Jain and BhavitSheth founded Dream11 in 2008 with the aim of offering games of skills in cricket, football, kabaddi and National Basketball Association (NBA). The company was growing fast but its owners said that they wanted to focus only on Indian market.
Jain said that the company attempted to capture overseas markets like the US but it was found that any attempt to step outside the domestic market impacted the home market of the company. For Dream11, it was undisputable fast growth in the home country.
Growth of fantasy gaming market
According to Deloitte, the present rate of growth of fantasy genre in India is 199.69%. And the total revenue from this market was INR 67 Cr in 2016-17.Deloitte attributes this growth to IPL and T20 extravaganza.