Dream11 co-founded by Harsh Jain and Bhavit Sheth is a fantasy sports platform based in Mumbai, India. The company was incorporated in 2008. As the name suggests, the idea was to allow users to play fantasy cricket, hockey, football, kabaddi and basketball. Users can create their own team of real-life players from upcoming matches, score points based on their on-field performance and compete with other users. If their prediction of the winner is right, they get to win money.
In 2012, they introduced freemium fantasy sports in India for cricket fans. In 2014, the company reported 1 million registered users, which grew to 50 million in 2019. There are millions of cricket viewers on TV and around 400 million watch cricket online. The company hopes to achieve a target of 100 million users by 2020. It is a member of the Fantasy Sports Trade Association (FSTA) and is the founding member of the Indian Federation of Sports Gaming (IFSG). Dream11 had raised $100 Mn in a Series D funding round led by Chinese Internet conglomerate Tencent in 2018. It was speculated that Dream11 was valued at $750 Mn during the funding. In April 2019, Steadview Capital completed secondary investment in Dream11. Dream11 reported that Steadview Capital purchased an undisclosed amount of shares from existing investors Kalaari Capital, Think Investments and Multiples Equity. India’s Economic Times reported that the deal is worth around $60 million and that it values Dream11 at $1 billion-$1.5 billion. If the figures are accurate, it’s a big leap on the $500 million valuation that the company reportedly landed last September with Tencent. The company also made to the list and ranked 10 among India’s Great Mid-Size Workplaces – 2019. Dream11 was also recognized as one of the top 10 innovative companies in India by Fast Company in 2019. International Council of Cricket (ICC) has signed a deal with Dream11 to make it its “Official Fantasy Game Partner” till 2023.