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 the application development company 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.
Some of the previous 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.
The startup which is founded by two people Harsh Jain and Bhavit Sheth in the year 2012, Dream11 provides a platform for the people who is having a 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 who is playing different fantasy sports on a dialy basis.
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 the funding series of C from some of the leading investors which includes the Kalaari Capital and Multiples Alternate Asset Management Private Limited in January 2017.
According to a report which has been revealed, the Indian gaming market was estimated at an amount of $338.4 million in revenue in 2016. The company has been expected to grow threefold in the next four years to touch $1.1 billion by 2021.