Dream11 Story - Setting Down the Success of India's Best Fantasy Gaming Application!

Dream11 Story - Setting Down the Success of India's Best Fantasy Gaming Application!

Fantasy sports is what most young sports lovers today are crazy about. With fantasy sports, sports lovers need not just enjoy a game by being a spectator, but can also create an imaginary team (of real players) of their own choice and earn rewards when this imaginary team performs well.

All thanks to the mobile and internet revolution, the fantasy gaming industry is booming in India too. With a motivated will to explore this sector, Dream11 was founded back in 2008 by two young and talented co-founders Harsh Jain and Bhavit Sheth.

A pioneer in the fantasy gaming segment, Dream11 is the first Indian gaming company to enter the unicorn club. Let's have a look at the journey of this Mumbai-based startup that has been recognized as one of the top 10 innovative companies in India.

Know the Dream11 Success Story, Founders, Business Model, Funding, and more here with StartupTalky.

Dream11 - Company Highlights

Headquarters Mumbai, Maharashtra, India
Sector Fantasy Gaming
Founders Harsh Jain and Bhavit Sheth
Founded 2008
Website dream11.com

Dream11 - About
Dream11 - Industry
Dream11 - Founders and Team
Dream11 - Startup Story
Dream11 - Mission and Vision
Dream11 - Name and Logo
Dream11 - Products and Services
Dream11 - Business Model
Dream11 - Revenue Model
Dream11 - Challenges Faced
Dream11 - Funding and Investors
Dream11 - Acquisition
Dream11 - Growth
Dream11 - Partnership
Dream11 - Advertisements and Social Media Campaigns
Dream11 - Awards and Recognitions
Dream11 - Competitors
Dream11 - Future Plans

Dream11 - About

Dream11 is an application that allows its users to create imaginary teams. The catch here is that the users can earn cash based on the actual match performance of the selected players on their teams. Each good move by the players earns cash rewards for the users. Moreover, Dream11 allows its users to play games in categories like cricket, football, kabaddi, and the National Basketball Association. 

Dream11 - Parent Company - Dream Sports

Dream11 - Parent Company - DreamSports
Dream11 - Parent Company - DreamSports

Dream Sports is a sports technology company whose portfolio includes brands including Dream11, FanCode, DreamX, DreamSetGo, and Dream Pay. Dream Sports is putting the vision of ‘Make Sports Better' into action by offering a variety of ways for fans to connect deeply with the sports they love, including fantasy sports, material, commerce, experiences, and events.

Harsh Jain and Bhavit Sheth founded the company in 2008, and it was ranked #10 among India's Great Mid-Size Workplaces in 2019. It was also named one of Fast Company's top 10 innovative companies in India in 2019. Dream Sports' major investors include Kalaari Capital, Think Investments, Multiples Equity, Tencent, and Steadview Capital.

Dream11: Sign Up

Dream11 sign-up is an easy process. However, if you are confused regarding the registration process of the Dream11 app, then here's a set of 3 quick steps that you can follow to sign up for Dream11 easily:

  • First, you need to download the Dream11 app on your mobile devices.
  • Next, you need to register on the app with your mobile number and then the OTP.
  • Finally, you can select your match and start playing.

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Dream11 - Industry

The Indian games market is expected to develop at an impressive rate, with revenue expected to reach US $8,723.00 million by 2024, according to a Statista analysis report. In addition, the market is anticipated to continue growing at a strong rate of 10.36% annually between 2024 and 2029, reaching a predicted market volume of US $14,280.00 million by that year.

This upward trend highlights the growing prominence and importance of the gaming business in India, which is being driven by a number of factors, including the population's growing interest in gaming, expanding smartphone penetration, and more internet accessibility.

Dream11 - Founders and Team

Dream11 was founded in 2008 by two young and aspiring entrepreneurs and sports lovers, Harsh Jain and Bhavit Sheth.

Harsh Jain (Co-Founder and Chief Enforcement Officer), Bhavit Sheth (Co-Founder and COO), Co-Founder of Dream11
Harsh Jain (Co-Founder and Chief Enforcement Officer), Bhavit Sheth (Co-Founder and COO), Co-Founder of Dream11

Harsh Jain (Co-Founder and CEO, Dream11)

Harsh Jain is the CEO (Chief Enforcement Officer) and Co-Founder of Dream11. He is a graduate of the University of Pennsylvania with an MBA from Columbia Business School. Before Dream11, he launched and successfully led the acquisition of Red Digital (a social media agency) by Gozoop. His vision with Dream11 is to entertain sports fans with some real-time modules. Harsh Jain is currently hailed as the President of the Federation of Indian Fantasy Sports, along with being the Cultural Enforcement Officer (CEO) and Co-founder of Dream11.

The Dream11 Co-Founder is also recognized as the son of Anand Jain, an experienced businessman of enormous repute who is the Chairman of Jai Corp Limited, Urban Infrastructure Venture Capital Limited, and is often considered the third son of Dhirubhai Ambani. Anand Jain, the father of Harsh Jain, has been closely associated with the Reliance Group and was even featured at No. 11 in the Forbes' List of India's 40 Richest in 2007.

Bhavit Sheth (Co-Founder and COO, Dream11)

Bhavit Sheth is the COO and Co-Founder of Dream11. He is an Engineer with an MBA from Bentley University (Boston) and a Diploma in E-commerce strategies from Harvard. Bhavit co-founded Dream11 with Harsh in 2008 and also stands as the COO of the company. As COO, Sheth's prime focus is on providing the best, trusted, and user-focused experience via operational excellence throughout the company's processes. Sheth was also the Co-founder of Red Digital along with Harsh, which was later on by Gozoop. He was previously a Financial Research Intern at Bilav Information Services LLP, and prior to that, Bhavit served as a Quality Assurance Intern at Godrej & Boyce Mfg. Co. Ltd.

The company has 501–1,000 employees, as per LinkedIn.

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Dream11 - Startup Story

Harsh Jain and Bhavit Sheth, childhood sports enthusiasts, co-founded Dream11, the most well-known fantasy sports application. The Indian Premier League (IPL) was the catalyst for the new fantasy sports industry to emerge. In a country with billions of cricket fans, Harsh and Bhavit created the company with the belief that sports fantasy leagues would become a profitable service opportunity.

Harsh finished his studies at the University of Pennsylvania and Columbia Business School and returned to India to solve a fantasy game problem. He invited others to join him in finding a faster solution to the problem. Many laughed at him, but Harsh's college classmate Bhavit Sheth decided to join him for a larger party.

In 2012, the company launched its first freemium service, and from there, the real journey began. They also sought out other investors and invited them to join their venture.

Dream11 - Mission and Vision

The company's mission on its website states, "To be The World's Best, Largest, and most loved Fantasy Sports Platform."

The company's primary vision is to "make fantasy sports a part of every sports fan's life."

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Dream11 Logo
Dream11 Logo

Dream11's parent company is "Dream Sports."

Dream11 - Products and Services

Dream11 has various products and services; some of the prominent ones are:


DreamX announced the introduction of Fancode, an ad-free multi-sport aggregator platform that will include content, commerce (sports products), and community involvement in April 2019.


The parent company of Dream11, Dream Sports, has entered the finance market with the release of DreamX, a mobile payments app that was launched in April 2023.

Dream11 - Business Model

Dream11 operates on a freemium model, providing users with both free and premium options. Users can choose to enter free-to-play fantasy sports leagues and win smaller rewards, or they can pay to enter contests with bigger payouts. Dream11's business approach enables it to serve a diverse user base and generate income through paid contest entries. Dream11 increases user engagement and improves monetization opportunities within the fantasy sports platform by providing a combination of free and premium offerings.

Dream11 - Revenue Model

Dream11 makes revenue from different sources. Some of the prominent ones are:

Sale of Goods

The exchange of tangible things for monetary value through the sale of goods creates income and propels the financial expansion of the organization.

Platform Fee Revenue

Dream11 makes money by keeping 15% of the entry fees that are obtained from contests held on its platform as a platform charge.

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Dream11 - Challenges Faced

Being India's number one online gaming platform did not come without hurdles. First of them was the legal challenge, particularly because of its similarity to gambling, which is largely illegal in India. This made the company go through court allegations, but the judiciary ruled that fantasy gaming is a game of skills rather than chances or probabilities. The industry, though growing at an ever-increasing speed, is at a self-regulatory phase.

It didn't have a lot of money at first. Dream11 began its fantasy sports business with only a few thousand dollars, but it quickly expanded and required a series of angel investor investments. The amount of money needed to run the company was extremely high. But, thanks to their negotiating abilities, they were able to find some decent investment opportunities and are almost done.

A few challenges it found were:

  • Getting through legal obstacles
  • Locating a business market
  • Marketing the company
  • Fixing the office location
  • Planning and implementing the appropriate technologies

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Dream11 - Funding and Investors

Dream11 has raised around $1.6 billion in 8 rounds of funding.

Dream11 funding and investor details are as follows:

Date Stage Amount Investors
Nov 24, 2021 - $840 million D1 Capital Partners, DST Global, Falcon Edge India, RedBird Capital Partners, Tiger Global Management
Mar 24, 2021 Secondary Market $400 million D1 Capital Partners, TCV
Sep 14, 2020 Venture Round $225 million -
Apr 8, 2019 Secondary Market $60 million Steadview Capital
Sep 6, 2018 Series D $100 million Tencent
Jan 1, 2017 Series C - Multiples
Jan 1, 2016 Series B - Kalaari Capital, Think Investments
Jun 1, 2014 Series A - Kalaari Capital, Think Investments

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Dream11 - Acquisition

On October 5, 2023, Dream11 acquired Sixer for an unknown amount. This calculated action is to strengthen Dream11's standing in the fantasy sports industry by utilizing Sixer's creative methodology and user-engagement tactics. Dream11 hopes to improve its services and bolster its position as the market leader with this acquisition.

Dream11 - Growth

Dream11 growth highlights are:

  • Dream11 has 15.01 million concurrent users, as per a news report from March 2024
  • The company had 220 million+ users as of March 2024
  • It has 2,50,00,000+ registered users as of March 2024
  • It has streamlined 40,000+ hours of live content as of March 2024
  • The company has 29 sports brands as partners as of March 2024


Dream11 Financials
Dream11 Financials
Dream11 Financials FY22 FY23
Operating Revenue Rs 3,841 crore Rs 6,384 crore
Total Expenses Rs 3,762 crore Rs 5,839 crore
Profit/Loss Profit of Rs 142 crore Profit of Rs 188 crore


Dream11 Financials FY22 FY23
EBITDA Margin 9% 12.8%
Expense/Rupee of ops revenue Rs 0.98 ₹0.91
ROCE 13% 29.4%

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Dream11 - Partnership

Dream11 has partnered with various companies; some of the prominent ones are:

Antigua and Barbuda Cricket Association (ABCA)

To stream the local organization's T10 cricket event, the Antigua and Barbuda Cricket Association (ABCA) has teamed with India-based fantasy sports platform Dream 11 in January 2023.

Legends League Cricket

Dream 11 has partnered with LLC in March 2023. Dream 11, with this partnership, will reach as many cricket lovers as possible. Legends League Cricket will receive a huge boost from Dream 11.

WPL Mumbai Indians (MI)

Dream11 disclosed a partnership with the Mumbai Indians (MI), a WPL team, in March 2023. Vikrant Mudaliar, Chief Marketing Officer of Dream Sports, commented on the cooperation, saying that "marquee women-centric leagues like WPL will accelerate the growth of women's cricket."

Dream11 - Advertisements and Social Media Campaigns

Dream 11 prominent campaigns are:

Dream11 Campaign

SabKhelenge Campaign

Aamir Khan, R Madhavan, and Sharman Joshi, the illustrious ensemble of the blockbuster Hindi film 3 Idiots, are Dream11's new ambassadors for their "Sab Khelenge" campaign which was released in April, 2023.

Dream11 - Awards and Recognitions

Dream11 has won several awards. Some of the prominent ones are:

  • Dream11 won the prestigious Red Herring Global 100 Award conducted by Red Herring on January 25, 2013.
  • According to a report by Google, Dream11 was named among the top 10 biggest and most popular trends of 2018 in India.
  • In 2019, BCCI signed up Dream11 as IPL's official fantasy sports partner until 2022. This was not only validation for Dream11, but for the whole fantasy gaming sector in the country.
  • In 2018, Dream11 was ranked #9 among India's Great Mid-Size Workplaces.
  • In Inc42's 42Next list, Dream11 was one of 42 innovative startups.

Dream11 - Competitors

Dream11 some of the prominent competitors are:

Dream11 - Future Plans

In the last two months, Dream11 has changed its approach, concentrating on pursuing major minority or full-control acquisitions, according to a December 2023 news report. This suggests that Dream11 will be chasing larger mergers going forward.


What is Dream11 app?

The Dream11 app is a fantasy gaming app created by Dream11, which is founded on January 1, 2008, by Bhavit Sheth and Harsh Jain and is currently hailed as one of India's leading players in fantasy sports industry that boasts of 15 crore+ users.

Who are the founders of Dream11?

Dream11 was co-founded by Harsh Jain and Bhavit Sheth in 2008.

Who is the owner of Dream11?

According to sources, the majority of Dream11 stakes are still hold by its founders, who are, therefore, the owner of Dream11. Dream Sports is the parent company of Dream11. Dream Sports is a sports technology company whose portfolio includes brands including Dream11, FanCode, DreamX, DreamSetGo, and Dream Pay.

What is the Dream11 location?

The famous fantasy sports company has its headquarters in Mumbai, Maharashtra, India.

Dream11 started in which year?

Dream11 was launched in the year 2008.

How much is the Dream11 funding?

Dream11 has raised $1.6 billion in 8 rounds of funding to date.

Who are the Top Competitors of Dream11?

With Dream11 being number one in the industry there are close to 60 other online gaming platforms operating in the same genre. Some of them include FanMojo, Mobile Premier League, Ballebaaz, HalaPlay, Gaming Monk, etc.

How much is the revenue of Dream11?

Dream11 reported revenue of Rs 6,384 crore in FY23.

Is Dream11 a Chinese app?

Dream11 is an Indian fantasy sports platform. Tencent, A Chinese Conglomerate has a 10% stake in Dream11 as of September, 2020.

Yes, millions of people are playing paid leagues on Dream11. It is absolutely safe and legal way to earn money. Dream11 is the largest fantasy website in India having more than 1.1 crore players.

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