Dream Sports, which owns Dream11, has raised a fresh $225 million in funding that includes both primary and secondary investments.
The round was led by Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures and the firm is now understood to be valued at close to $2.5 billion.
The bulk of the transaction comprises secondary investments, sources said. “The increase in the secondary component appears to be due to Tencent offloading shares amidst the rising anti-China narrative in India. Tencent had reportedly invested $100 million into the company in late 2018, and while it may not be completely exiting, it appears to be reducing its stake to single-digit values,” Jayraj Patel, analyst at paper.vc, said.
Dream11 turned a unicorn hitting a valuation of over $1 billion after a secondary investment by Steadview Capital worth $60 million in April last year.
Dream Sports has 100 million registered users across its brands Dream11, FanCode and DreamX, CEO & co-founder Harsh Jain said in a statement. —FE
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