Fantasy sports platform Dream11 has become the first gaming startup to enter the unicorn club in India. The Mumbai-based firm crossed the threshold on the back of a USD 60 million deal.
Hong Kong-based asset management firm Steadview Capital picked up few shares from existing investors Kalaari Capital, Think Investments and Multiples Equity.
Harsh Jain and Bhavit Sheth founded Dream11 in 2008. India’s biggest fantasy sports platform with over 60 million users allows users to play fantasy cricket, hockey, football, kabaddi and basketball.
Harsh Jain, CEO, Dream11 said, “We are excited to welcome Steadview Capital on board. Our exponential growth over the past few years would not have been possible without the support and trust of our investors and Dreamsters (employees). We will keep working hard and are targeting to end the year with 100 Mn users.”
Dream11 raised USD 100 million in funding in September last year. India’s online gaming industry is projected to grow at an annual compounded rate of more than 22% to touch Rs 11,880 crore by 2023.
The company claims to have grown at a CAGR of 230% in the last three years.
Bhavit Sheth, COO, Dream11, said, “We are looking forward to working with the Steadview Capital team in providing the best sports experience to fans. I am proud of the fact that a lean yet highly efficient team of just 200 Dreamsters have been the driving force behind our rapid growth.”
Around 100 million Indians will play fantasy sport by the end of this year, according to a joint report by Indian Federation of Sports Gaming and market research firm AC Nielsen.
Ravi Mehta, managing director, Steadview Capital, said, “We at Steadview believe that Dream11 is poised to become the leading sports company in India 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.”
India currently ranks among the top five countries in the world for online and mobile gaming, according to a report by Flurry Analytics.