Mon. Jul 15th, 2024
Tencent leads ₹720 crores round in fantasy sport platform Dream11Tencent leads ₹720 crores round in fantasy sport platform Dream11

Mumbai-based fantasy sports platform Dream11 has raised around ₹720 crores ($100 million) in series D funding led by Tencent Holdings, China’s largest gaming and social media company.

The development has been confirmed by Dream11’s spokesperson, saying that the fantasy gaming platform has raised series D funding from Tencent and other existing investors, refusing to comment on the sum raised.

Earlier reports suggested that the Chinese gaming giant Tencent was looking to venture into the Indian gaming industry. According to the surfaced reports, Tencent was planning to invest around $200 million in India’s growing gaming industry in the first year, with a goal of capturing a third of the country’s gaming user base in two years.

Founded by Harsh Jain and Bhavit Sheth in 2012, Dream11 provides a platform for sports fans to showcase their knowledge in various fantasy sports like cricket, football, kabaddi, and NBA, to win some real cash. The platform engages fans to create a comprehensive gaming platform by enabling deeper connections.

The gaming platform claims to more than 4 crore users playing different fantasy sports.

This new partnership will help Dream11 to leverage Tencent’s vast experience in the gaming industry and its technology to enhance gaming experience across its platform as it engages more users to expand its user base.

Dream11 last raised an undisclosed amount of funds in series C funding from Kalaari Capital and Multiples Alternate Asset Management Private Limited in January 2017.

According to a Frost & Sullivan report, the Indian gaming market was estimated at $338.4 million in revenue in 2016. It expected to grow threefold in the next four years to touch $1.1 billion by 2021.

“Growth is expected to be driven from South-East Asia, Middle East and India as these regions have an advantage of optimistic economic outlook, favourable demographics and rising growth in smartphone penetration and Internet,” the report said.

By Varun

Startups | Books | Ideas

Leave a Reply

Your email address will not be published. Required fields are marked *