Steadview Capital Buys Secondary Shares of Dream11
Secondary sale by Kalaari Capital, Think Investments & Multiples Equity
April 8th 2019 | Mumbai: Dream11, India’s Biggest Sports Game, today announced the completion of a secondary investment by Steadview Capital, an Asia-focused alternative asset manager. This investment marks Dream11’s entry into the ‘Unicorn Club’ as the first Indian gaming company to achieve this milestone.
Apart from Steadview Capital, Kalaari Capital, Think Investments, Multiples Equity and Tencent are the other marquee investors in Dream11. 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 CAGR of ~230% over a period of 3 years.
Commenting on this development Harsh Jain, CEO and Co-Founder, Dream11 said, “We are excited to welcome Steadview Capital onboard. Our exponential growth over the past few years would not have been possible without the support and trust of our investors and Dreamsters (employees). Providing great returns to our shareholders, whether investors or Dreamsters, is very important to us and further reinforces their belief in Dream11. We will keep working hard and are targeting to end the year with 100 million users.”
Commenting on this development 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.”
Commenting on this development Bhavit Sheth, COO and Co-Founder, 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.”
Existing Investor quotes on Dream11 becoming a ‘Unicorn’:
Vani Kola, Founder & Managing Director, Kalaari Capital, said, ”A Startup is shaped by the spirit of the founders. At Dream11 that is obvious in everything, the aggressive scale, focused execution, customer centricity, employee well being. Becoming the latest unicorn is indeed a proud moment but I expect the Dream11 team to push sports engagement to new heights. Kalaari is glad to have been a part from the beginning of their journey.“
Shashin Shah, Founder and CIO, Think Investment, said, “Harsh and Bhavit have done an incredible job of maintaining a great culture while guiding the business through hypergrowth. Dream11 is now the world’s largest fantasy sports game and is paving the way for Indian companies to build truly global consumer tech businesses.”
Sumit Sinha, Managing Director, Multiples Equity, said, “At Dream11, we are excited to partner with a really top-quality team to drive a shift in how people engage with sports. We are at the beginning of something really big here as this platform becomes synonymous with sports engagement over time.”
Notes to editor
Dream11 is India’s Biggest Sports Gaming platform with 6 Crore+ users playing Fantasy Cricket, Football, Kabaddi, Basketball & Hockey. It is a Game of Skill that offers Indian sports fans a platform to showcase their sports knowledge. Fans can create their own team made up of real-life players from upcoming matches, score points based on their on-field performance and compete with other fans. Dream11 helps sports fans increase their engagement and connect deeper with the sport they love by being a team owner, not just a spectator. Dream11 is the Official Fantasy Game partner of the VIVO Indian Premier League (VIVO IPL), International Council of Cricket (ICC), VIVO Pro Kabaddi League (PKL), Hero Indian Super League (ISL), National Basketball Association (NBA), Hero Caribbean Premier League (CPL), International Hockey Federation (FIH) and Big Bash League (BBL).
In April 2019, Dream11 became the first Indian gaming company to enter the ‘Unicorn Club’. A Series D funded company, Dream11 was founded in 2008 by Harsh Jain and Bhavit Sheth and has been ranked #9 among India’s Great Mid-Size Workplaces in 2018. Dream11 was recognised as one of the top 10 innovative companies in India by Fast Company in 2019.
Kalaari Capital, Think Investments, Multiples Equity, Tencent and Steadview Capital are the marquee investors in Dream11.
Log on to www.dream11.com