London-based Steadview Capital is planning to invest $100 million in India’s largest fantasy sports website, Dream11. The investment, as reported by VCCircle, is set to value Dream11 at anywhere between $1.3 billion and $1.5 billion post-money. The deal is expected to involve the sale of shares by existing investors, rather than the issuance of new shares by the company.
Dream11 founder and CEO Harsh Jain stated, “We have no interest in raising any more money in the near future. There’s no primary fundraising that’s going on at all.” This indicates that the investment will be a secondary transaction. In June 2018, Tencent and other existing investors had invested $100 million in Dream11 at a pre-money valuation of around $400-500 million.
If the deal with Steadview Capital goes through, Dream11 will be the first gaming unicorn in India, with a valuation of over $1 billion. This would make Dream11 the biggest gaming company in India, overtaking the valuation of Delta Corp, the country’s only listed gaming, casino, and hospitality company, whose market cap is around $964 million.
Dream11 recently announced that the total number of registered users on its platform had surpassed 50 million. The fantasy sports website is the official fantasy game partner of various sports leagues including the International Council of Cricket, Pro Kabaddi League, Indian Super League, National Basketball Association, Caribbean Premier League, International Hockey Federation, and Big Bash League.
With this potential investment, Dream11 continues to solidify its position as a key player in the fantasy sports industry in India. The company’s partnerships with major sports leagues and its growing user base highlight its increasing influence in the Indian sports and gaming market.