Dream11 may become India’s first $1b gaming company
In an exclusive report as per VCCircle, an Indian information services group, Dream11 could soon become India’s first ‘gaming unicorn’. Hong Kong based hedge-fund group Steadview Capital is set to invest more than $100 million (~INR 710 Crores) in Dream11 and will make it a unicorn company, VCCircle mentioned in its report.
Negotiations between the hedge-fund and Dream11 are currently underway and after the deal is done, VCCircle reports that Dream11 could be valued at anywhere between $1.3 billion and $1.5 billion post-money. Private companies with over $1 billion valuation are termed as unicorns.
Harsh Jain, CEO of Dream11 told TechCircle, part of VCCircle, that they aren’t considering any fundraising. “We have no interest in raising any more money in the near future. There's no primary fundraising that's going on at all. Secondary transactions, on the other hand, can happen throughout.”
In September last year, Tencent Holdings, the parent company of PUBG, invested to the tune of INR 719 Crores in Dream11 and Jain said about this, “We want to focus on actually utilising the money that we raised in September in our Series D round. We have not even started utilising that money and 23 will use all that money for the coming IPL (Indian Premier League) and [cricket] World Cup.”
Dream11 is by far the biggest fantasy gaming platform in India and no one even comes close. The company even crossed 5 Crore users last month and is in top form. The company has partnered with heavyweights like MS Dhoni, ICC for cricket, FIH for hockey, Big Bash League of Australia, etc. last year and is looking at a lot of potential growth in coming months too.
Dream11 was founded back in 2007 by Jain and Bhavit Sheth and since then, the company has gone on offer some exciting content and games for the cricket-crazy population of India. Dream11 also offers its content in regional languages.
The fantasy sports business is a sector that’s seen enormous growth in the last couple of years. This industry has a lot of potential too, and banking on this fact, big players like Paytm have entered the market and started to offer fantasy sports games. Keep reading GutshotMagazine.com for more news like these and for general gambling/gaming related news from across the planet.
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