Dream11, online gaming firm, announced the completion of a secondary investment by Steadview Capital, an Asia-focused alternative asset manager. The investment takes Dream11’s valuation at over $1 billion making it first Indian gaming company to enter the Unicorn club.
“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 million users,” said Harsh Jain, chief executive and co-founder, Dream11 in a statement.
As per the IFSG-KPMG report, in terms of total user base on a fantasy sports platform, Dream11 is the market leader with over 50 million users. Its user base has grown at a compound annual growth rate (CAGR) of 230% over a period of three years.
“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,” said Ravi Mehta, managing director, Steadview Capital.
Founded by Harsh Jain and Bhavit Sheth, Dream11, allows users to create virtual teams for cricket, kabaddi, football, among other sports and help them to organise matches based on statistical performance of players in the actual game.