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India-based fantasy gaming startup Dream11 became India’s first gaming startup to enter into the esteemed Unicorn club with an investment from Steadview Capital, an Asia-focused alternative asset manager.
Steadview Capital bought Secondary shares from the Dream11’s existing investors- Kalaari Capital, Multiples Equity, and Think Investments. But it is reported that the existing investors remain on board.
The fantasy come true
Mumbai-based Dream11 was co-founded in 2008 by Harsh Jain and Bhavit Sheth. On Jan1, 2012 the startup introduced freemium fantasy sports for cricket fans in India.
Within two years of the span, the company claimed to have 1 million registered users. By the end of 2016, the users based grown to 2 million and in 2018 to 45 million.
Today, Dream11 became India’s most prominent sports game with 45+ million users playing Fantasy Cricket, Kabaddi, NBA, and Football.
Dream11 strategy and growth
It is a game of skill where the startup offers sports fans to create their team of real-life players, score points based on field-performance and compete with other fans. Dream11 users need to pay an entry fee to participate in paid contests.
The company is an official partner of the IPL and other sports leagues in the world like Hero CPL, Hero ISL, and NBA. It is also a member of Fantasy Sports Trade Association (FSTA) and the founding member of Indian Federation of Sports Gaming(IFSG).
Dream11 has raised a total of $100 Million and the annual revenue of $10 Million. The gaming startup has ranked 9 among India’s Great Midsize Workplace in 2018 and recognized as one of the top 10 innovative companies in 2019 by Fast Company.
The fantasy gaming startup aims to increase its user base to 100 million by the end of 2019.
Co-founder and CEO, Dream11 stated,