Indian fantasy games group Dream Sports raises $ 840 million

MUMBAI, Nov.24 (Reuters) – India’s Dream Sports, the parent company of popular fantasy games company Dream11, said on Wednesday it had raised $ 840 million from investors led by Falcon Edge, Tiger Global and others in the part of a deal that valued the sports technology company at $ 8 billion.

Founded in 2008, Dream Sports has 140 million users and operates companies like the sports content platform FanCode and DreamSetGo, which offers everything from match tickets and hospitality to stadium tours and events. celebrities.

Its flagship company, Dream11, has grown rapidly through marketing and hiring to become one of the largest in the fantasy games market in India. It is seeking to be listed in the United States by early 2022, according to Indian media such as the Economic Times.

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But the app has faced legal issues due to concerns about the similarities between fantasy games and gambling, which is largely illegal in India.

In October, a police case was filed against Dream11 in Bengaluru, the IT capital of India, for continuing to offer its services despite a new law banning online gambling in the southern state of Karnataka.

Dream Sports is also stepping up its investments in the sports market through the venture capital subsidiary Dream Capital, which has 10 companies in its portfolio.

“Our vision and mission is to create a virtuous cycle of investment, innovation and wealth creation led by entrepreneurs for all stakeholders in the sports ecosystem, from fans to athletes, teams and leagues” said Harsh Jain, co-founder and CEO of Dream Sports. in a statement Wednesday.

DST Global, D1 Capital, Redbird Capital also led the round, while existing investors TPG and Footpath Ventures also participated.

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Reporting by Sankalp Phartiyal and Abhirup Roy Editing by Mark Potter

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