Dream11 becomes India’s first ‘gaming’ unicorn
Mumbai-based fantasy gaming startup Dream11 has joined the Indian unicorn club with an investment from Steadview Capital.
According to the company statement, the deal involves a secondary sale of shares by Kalaari Capital, Think Investments and Multiples Equity.
Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream11 offers its users fantasy gaming in categories such as cricket, football, kabaddi, and National Basketball Association (NBA). It claims to have 50 Mn users and enables them to showcase their sports knowledge through fantasy gaming. Dream11 users pay an entry fee to participate in paid contests and the company makes its money by charging a platform fee from the total pool collected.
The company claims to have grown at a CAGR of 230% in the last three years, but took three years to hit its first million gamers mark but after that crossed 3 Mn users in less than two months in 2016. No wonder, its cofounder and COO, Bhavit Sheth, is fond of saying that “It takes 10 years to build an overnight success.”
The company closed a mammoth $100 Mn round of funding in September last year and was close to becoming India’s first gaming unicorn, according to Inc42DataLabs.
Harsh Jain, CEO and cofounder, 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). We will keep working hard and are targeting to end the year with 100 Mn users.”