Dream11, Mumbai based fantasy sports platform have closed a $100 million Series D funding led by Tencent, a Chinese multinational investment company. Existing investors Kalaari Capital and private equity firm Multiples Alternate Asset Management also participated in the funding round.
Tencent has earlier backed up startups like Practo, Hike, Flipkart, Ola, music app Gaana and content aggregator Newsdog. Tencent holdings have also announced its partnership with Luckin, a coffee startup. This report emerged after another giant Alibaba’s Group’s Ele.me unit partners with US-based Coffeehouse chain, Starbucks. Tencent Holdings is rivalling Facebook in becoming the world’s fifth largest firm by market capitalization and almost every online digital game a user in China plays is either wholly owned by the firm or is a part of it. League of Legends, Call of Duty, are some of the popular games that Tencent has stakes on.Gaming base in China is huge but is not visible because of the country’s rigidly regulated internet service. The Chinese gaming market is expected to grow and estimated to reach $42 billion by 2022.
Harsh Jain, CEO and Cofounder, Dream11, said:
“It’s a great credit to our team, for all the work that they have done, to see the world’s largest gaming company invest in us. Tencent is counting on the fact that we are able to reach our projections and their investment goes towards helping us to that goal. However, it’s a much longer strategic partnership that we are signing on for.”
Founded in the year 2012 by Harsh Jain and Bhavit Sheth Dream11 has marked itself as India’s biggest digital gaming platform with more than 4 crore users. It has been ranked number 9 among India’s Great Mid-Size Workplaces- 2018.
India is one of the top five countries for mobile gaming in the world. The Indian market has seen a gigantic growth in the digital gaming area all thanks to the increase in the sale of mobile phones and affordable data charges.
Evidently ‘esports’ trend is on the rise in India with digital gaming industry worth over $890 million and the demand for games that show an upward curve. With at least two startups coming up almost every month in the country, it has 250 game development firms and counting.
The advent of Digital gaming platform and the introduction of Artificial Intelligence into it has resulted in propelling markets of a different country with the obsession of virtual gaming.