Indian fantasy sports gaming platform Dream11 has become the first gaming company in India to join the exclusive ‘unicorn club’, after Hong Kong-based Steadview Capital bought an undisclosed stake in the startup, valuing the company at over $1bn.
Investment from Chinese online gaming giant Tencent, along with others, also resulted in a $100 million funding round which significantly helped the platform’s ascent into the billion dollar Unicorn club.
The fantasy platform recently announced that it would be working alongside the Board of Control for Cricket in India (BCCI) in a bid to establish the largest fantasy sports partnership in the country.
“We at Steadview believe that Dream11 is poised to become the leading sports company in India catering to everything a sports fan needs…The company’s phenomenal growth track-record, dominant leadership in daily fantasy gaming and strong engagement metrics is a testament to the consumer love for the platform,” explained Ravi Mehta, managing director of Steadview Capital.
The platform, founded in 2007, aims at delivering a fantasy sports offering across India. Players are able to pick pick their choice of the best players in an upcoming match, with the opportunity to win cash prizes depending on how their selected team performs.
It has since set out to target over 100 million registered users for the platform by the end of 2019, while claiming to currently have over 50 million gamers signed up.
Dream11 has already seen a 230% growth in membership over the last three years, but future goals are expected to drastically increase those numbers.