Dream Sports, India’s leading sports technology company with brands such as Dream11, FanCode, and DreamX in its portfolio, today announced the completion of a USD 400 million secondary investment led by TCV, D1 Capital Partners and Falcon Edge. This is TCV’s first investment in India.
The round also saw participation from existing investors like Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures. Falcon Edge Capital, co-founded by Navroz Udwadia, invested via Alpha Wave, which seeks out best-in-class global growth stage assets. This is the largest investment in the Indian sports tech ecosystem to date and a testimony to its growing market potential.
Talking about the investment, Harsh Jain, CEO and Co-Founder, Dream Sports, said, “This is a huge vote of confidence to the Indian start-up ecosystem. We have created the Fantasy Sports category in India to drive digital engagement to real-life sporting events and bring fans closer to the sport they love. We are proud to continually contribute to the overall expansion of the Indian sports ecosystem. Our growth trajectory is also a testimony to the honourable Prime Minister’s vision of Atmanirbhar Bharat and Digital India.”
Gopi Vaddi, General Partner at TCV, which has invested in global tech giants like Netflix, Airbnb, Sportradar and Peloton, said, “India is home to the world’s largest and most energetic sports fan base with a dynamic mix that is unique to the subcontinent. Dream Sports is serving this community with a highly innovative product offering. We are inspired by what Harsh, Bhavit and the Dream Sports team have built, and we look forward to partnering with them.”
A homegrown Indian company founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports is located in Mumbai and employs close to 600 people.
Avendus Capital was the exclusive financial advisor to Dream Sports on the transaction.