Dream11, the India-based fantasy cricket platform has become a unicorn as the London-based investment firm, Steadview Capital acquired stakes in the sports tech company.
With this investment, the Indian gaming company, Dream11 has become the foremost company to be entitled a unicorn, a startup company which is valued $1 billion or above.
For this business deal, three investment backers (Kalaari Capital, Multiple Alternate Asset Management and Think Investments) of Dream11 have sold their shares to Steadview Capital, thus, incrementing the companys valuation at $1 to $1.5 billion, an anonymous source told the Indian daily news, The Economic Times.
We are excited to welcome Steadview Capital onboardProviding 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, said Harsh Jain, Chief Executive of Dream11, to the Indian daily news, The Economic Times.
We at Steadview believe that Dream11 is poised to become the leading sports company in India catering to everything a sports fan needsThe companys phenomenal growth track-record, dominant leadership in daily fantasy gaming and strong engagement metrics is a testament to the consumer love for the platform, said Ravi Mehta, Managing Director of Steadview Capital, to the Indian daily news, The Economic Times.
According to latest regulatory filings, the sport tech company, Dream11 has grown almost by 260 per cent, reaching the revenue to INR 228.4 crore in FY18-19.