Dream Sports raises $400 million from TCV, D1 Capital, Falcon Edge, existing investors
This is the first investment of TCV in India, which has invested in global firms like Facebook, Airbnb and Godaddy.
Sports technology and gaming firm Dream Sports has raised USD 400 million in a funding round led by private equity firm TCV, D1 Capital Partners and Falcon Edge.
The round also saw participation from existing investors like Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures, Dream Sports said in a statement.
Falcon Edge Capital, co-founded by Navroz Udwadia, invested through Alpha Wave, which seeks out best-in-class global growth stage assets, the gaming firm said.
This is the largest investment in the Indian sports tech ecosystem to date, the statement said.
"This is a huge vote of confidence to the Indian start-up ecosystem. We have created the Fantasy Sports category in India to drive digital engagement to real-life sporting events and bring fans closer to the sport they love.
"We are proud to continually contribute to the overall expansion of the Indian sports ecosystem," Dream Sports CEO and co-founder Harsh Jain said.
A homegrown Indian company founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports is located in Mumbai and employs about 600 people.
TCV General Partner Gopi Vaddi said, "India is home to the world's largest and most energetic sports fan base with a dynamic mix that is unique to the subcontinent. Dream Sports is serving this community with a highly innovative product offering."
Avendus Capital was the exclusive financial advisor to Dream Sports on the transaction, the statement said.