Dreams Sports collects $840m in a funding round
Mumbai-based Dream Sports is now valued at $8bn.
India.- Dream Sports, the parent company behind India’s popular fantasy sports gaming brand Dream11, has raised $840m in a new round of investment. This round of financing received participation from existing investors, such as TPG and Footpath Ventures.
Harsh Jain, CEO and founder, said: “Our vision and mission is to create an entrepreneur-led virtuous cycle of investment, innovation and wealth creation for all stakeholders in the sports ecosystem, from fans to athletes, teams and leagues.
“Our investors have deep experience in developing sports ecosystems globally, and we are fortunate to have their guidance to ‘Make Sports Better’ for 1 Billion Indian sports fans.”
Dream11 is a fantasy sports app with over 100 million registered users. In 2020, the company raised US$225m in a previous round of investment.
Dream11 suspends operations in Karnataka, India
Dream11 suspended operations in the southern Indian state of Karnataka after a complaint was filed claiming that it was violating the state’s new ban on online gambling.
The new law, which took effect last week, prohibits online gambling and “any act or risk of money, or otherwise on the unknown outcome of an event, including a game of skill.” Many apps have stopped providing their services, but Dream11 had continued running.
According to Reuters, a complaint against the company was made in Bengaluru, India’s tech capital, by a 42-year-old taxi driver.
