Dream11 Revenue, Valuation, Funding & Investors
Dream11 is valued at $8B as of November 2021, a 29.3x revenue multiple. Dream11 revenue was $273M, as disclosed with its latest round.
Last Dream11 valuation
$8B
Undisclosed stage · Nov 2021
Last Dream11 funding round
$836M
Undisclosed stage · Nov 2021
Dream11 revenue
$273M
Undisclosed stage · Nov 2021
Key investors in Dream11
Tiger Global
TPG
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Footpath VenturesAlpha Wave Global
D1 Capital Partners
Steadview Capital
About Dream11
Dream11 is a Mumbai-headquartered fantasy sports platform on which users build virtual teams of real players in cricket, football, kabaddi, basketball and other sports and score points from those players' real-match performances. It was founded in 2008 by Harsh Jain and Bhavit Sheth and is the flagship brand of Dream Sports, whose other businesses include the sports streaming and content app FanCode and DreamSetGo. The platform earned most of its revenue from paid contests and grew from 1 million registered users in 2014 to a claimed 200 million by October 2023. Revenue rose from Rs 224.6 crore in FY2018 to Rs 6,384 crore in FY2023, when it reported a profit of Rs 188 crore, and the company has held the Indian cricket team jersey sponsorship. Backers including Kalaari Capital, Think Investments, Multiples, Tencent, Steadview Capital, Tiger Global, TPG, ChrysCapital, TCV, D1 Capital, Falcon Edge, DST Global and RedBird Capital valued Dream Sports at $8 billion in November 2021. In August 2025, after India's Parliament passed the Promotion and Regulation of Online Gaming Act, Dream11 paused all paid contests, which had accounted for more than 90% of its revenue.
Founded
2008
HQ
MumbaiWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Revenue
$273M (Nov 2021)
Valuation
$8B (Nov 2021)
Dream11 Valuation
Dream11 is currently valued at $8B, based on its undisclosed-stage round in November 2021. Read the announcement ↗
The $836M round was led by Alpha Wave Global, D1 Capital Partners, DST Global, RedBird Capital Partners and Tiger Global, with participation from Footpath Ventures and TPG.
Dream11's valuation has grown 11x from $700M at its Series D in September 2018 to $8B in November 2021, across 5 priced rounds.
Dream11 valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2021 | Undisclosed stage | $8B | 29.3x |
| Mar 2021 | Secondary | $5B | 14.4x |
| Sep 2020 | Undisclosed stage | $2.5B | 11.0x |
| Apr 2019 | Secondary | $1B | 12.0x |
| Sep 2018 | Series D | $700M | 29.2x |
Dream11 Revenue
Dream11's latest recorded revenue is $273M, as of its undisclosed-stage round in November 2021. At a $8B valuation, that implies a 29.3x revenue multiple.
Revenue grew from $24M in September 2018 to $273M in November 2021, while the revenue multiple moved from 29.2x to 29.3x.
Dream11 revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2021 | $273M | $8B | 29.3x | Undisclosed stage |
| Mar 2021 | $348M | $5B | 14.4x | Secondary |
| Sep 2020 | $227M | $2.5B | 11.0x | Undisclosed stage |
| Apr 2019 | $83M | $1B | 12.0x | Secondary |
| Sep 2018 | $24M | $700M | 29.2x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Dream11 Funding History
Dream11 has raised a total of $1.2B across 3 funding rounds, plus 2 secondary share sales.
Dream11's first fundraising round was a $100M Series D in September 2018. The most recent completed round was a $836M undisclosed-stage round in November 2021.
Dream11 funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2021 | Undisclosed stage | Alpha Wave Global (lead); D1 Capital Partners (lead); DST Global (lead); RedBird Capital Partners (lead); Tiger Global (lead); Footpath Ventures; TPG | $836M | $8B | Dream Sports, parent of Dream11, raised $840 million in November 2021 from investors including Alpha Wave Global (Falcon Edge), D1 Capital Partners, DST Global, RedBird Capital Partners, Tiger Global, TPG, and Footpath Ventures at an $8 billion valuation. This primary funding round followed a $400 million secondary round in March 2021 at around $5 billion valuation. The company operates India's leading fantasy sports platform Dream11 alongside brands like FanCode and Dream Capital. Dream11 reported revenue from operations of Rs 2,554.4 crore in FY21 (ended March 2021), up 53% from Rs 1,670.2 crore in FY20, with 99.5% from gaming (Rs 2,451.2 crore) and profit of Rs 327 crore. The platform had over 12 crore users and 5 million daily active users by mid-FY21. |
| Mar 2021 | Secondary | TCV (lead); D1 Capital Partners (lead); Alpha Wave Global (lead); Footpath Ventures; Steadview Capital; Tiger Global; TPG; ChrysCapital | $400M | $5B | Dream Sports, the Mumbai-based parent of fantasy sports platform Dream11, announced on March 24, 2021 a USD 400 million secondary investment led by TCV, D1 Capital Partners and Falcon Edge Capital, which invested through its Alpha Wave vehicle. Existing investors Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures also participated. Because the transaction was entirely secondary, the money went to selling shareholders rather than into the company. It valued Dream Sports at nearly $5 billion, roughly double the approximately $2.5 billion valuation of its September 2020 primary and secondary round, and the company called it the largest investment in the Indian sports technology ecosystem to date; it was also TCV's first investment in India. Dream Sports was founded in 2008 by Harsh Jain and Bhavit Sheth and operates Dream11 alongside FanCode, DreamX, DreamSetGo and DreamPay, employing close to 600 people at the time. Eight months later the company raised $840 million in a primary round at an $8 billion valuation. |
| Sep 2020 | Undisclosed stage | Footpath Ventures; Tiger Global; TPG; ChrysCapital | $225M | $2.5B | Dream11 is an Indian fantasy sports platform founded in 2008 that allows users to pick their choice of best players for upcoming matches and win cash prizes based on how their selected team performs. The platform has built its business around cricket, India's most popular sport, and achieved significant growth in the Indian market, which is the world's second-largest internet market. In September 2020, Dream Sports (Dream11's parent company) raised $225 million in a funding round led by Tiger Global Management, TPG Tech Adjacencies, ChrysCapital, and Footpath Ventures through primary and secondary investments. This financing round valued Dream Sports at over $2.5 billion. The company had raised approximately $325 million in total funding prior to this round. At the time of the round, Dream11 was experiencing significant momentum. In FY20 (ended March 2020), the company reported operational revenue of ₹2,070 crores with profits of ₹180 crores. The platform had expanded beyond fantasy sports into sports content, merchandise, streaming, and experiences through its subsidiary FanCode, an ad-free multi-sport aggregator platform launched in April 2019. Dream11 also won the title sponsorship rights for the 2020 Indian Premier League cricket tournament for ₹222 crores ($30 million), becoming a major fixture in India's sports marketing landscape. The September 2020 funding reflected strong investor confidence in Dream11's position in the Indian fantasy sports market and its vision to become an end-to-end sports tech company serving India's estimated 10 crore (100 million) sports fans. |
| Apr 2019 | Secondary | Steadview Capital (lead) | $60M | $1B | Dream11 is an India-based online fantasy sports platform hosting contests in cricket, NBA, soccer, and other sports, where users select real-life players and earn points based on their performance. In April 2019, Steadview Capital invested approximately $60 million in a secondary share sale from existing investors Kalaari Capital, Think Investments, and Multiples Equity, valuing Dream11 at $1 billion to $1.5 billion and marking it as India's first gaming unicorn. This followed a prior $100 million Series D round led by Tencent in September 2018 at a $500 million to $700 million valuation. The transaction highlighted Dream11's rapid growth and dominance in daily fantasy gaming, with strong user engagement ahead of major events like the Cricket World Cup and Indian Premier League. For FY2019, Dream11 reported revenue of 775.4 crore INR. The company aimed to reach 100 million users by year-end 2019. |
| Sep 2018 | Series D | Tencent (lead); Think Investments; Kalaari Capital; Multiples Alternate Asset Management | $100M | $700M | Dream11 is an Indian daily fantasy sports platform founded in 2008, allowing users to create virtual teams of real-life players and compete in contests based on their performances. The company had gained significant traction by 2018, with around 41 million users and ambitions to reach 100 million by 2019, bolstered by partnerships like signing MS Dhoni as brand ambassador and associating with IPL via Star India. In September 2018, Dream11 completed a $100 million Series D funding round led by Tencent, with participation from existing investors including Kalaari Capital, Multiples Equity, and Think Investments. The post-money valuation for this round was $700 million, marking it as the biggest transaction in India's gaming industry at the time and positioning Dream11 as the country's most valuable online gaming company. Reports confirm the deal's completion, with Tencent investing approximately $100 million (Rs 719 crore). The investment aimed to fuel growth in fantasy sports awareness among India's 800 million sports fans, with Tencent viewing it as a long-term strategic partnership spanning 5-10 years. Post-round, Dream11 continued rapid expansion, achieving unicorn status at $1.1 billion in April 2019 via a secondary sale by early investors. |
Who has invested in Dream11?
14 investors have backed Dream11 across its funding rounds, including Tiger Global, TPG, Footpath Ventures, Alpha Wave Global, D1 Capital Partners and Steadview Capital.
Lead investors include Alpha Wave Global, D1 Capital Partners, DST Global, RedBird Capital Partners, Tiger Global and 3 other investors.
Dream11 Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Footpath Ventures |  New York City, NY | 3 | Participant | Sep 2020 |
| New York City, NY | 3 | Lead | Sep 2020 | |
| San Francisco, CA | 3 | Participant | Sep 2020 | |
 London | 2 | Lead | Apr 2019 | |
| New York City, NY | 2 | Lead | Mar 2021 | |
| Miami, FL | 2 | Lead | Mar 2021 | |
| Mumbai | 2 | Participant | Sep 2020 | |
| San Francisco, CA | 1 | Participant | Sep 2018 | |
| Bangalore | 1 | Participant | Sep 2018 | |
 Shenzhen | 1 | Lead | Sep 2018 | |
| San Francisco, CA | 1 | Lead | Mar 2021 | |
| Mumbai | 1 | Participant | Sep 2018 | |
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Start Free TrialAcquisitions by Dream11
Dream11 has acquired 1 company to date.
Last acquisition by Dream11 was on October 5th 2023. Dream11 acquired Sixer for undisclosed valuation.
Latest Acquisitions by Dream11
| Description | Sixer is a Mumbai-based gaming studio specializing in cricket fantasy leagues modeled on stock market trading. Players buy and sell virtual player shares based on IPL and international match performances, with daily trading sessions. Launched in 2019, it boasts 500,000 registered users and partnerships with broadcasters like Star Sports. Sixer employs real-time analytics for pricing and operates cash tournaments compliant with Indian gaming regulations. |
| HQ Country | |
| HQ City | Delhi |
| Deal Date | 5 Oct 2023 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Dream11 acquisitions and their M&A valuation multiples. Start Free Trial | |
Dream11 Competitors
Dream11 competitors include listed companies like Sportradar, Better Collective and Gentoo Media, and private ones like Dream Sports, Picklebet and Splash Sports.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Mumbai | Private | $723M | - | $5B | 6.9x | |
 Switzerland | Publicly listed | $1.4B | $596M | $3.8B | 2.0x | |
 Denmark | Publicly listed | $377M | $97M | $364M | 1.6x | |
 Brisbane | Private | $12M | - | $75M | 6.3x | |
| Denver, CO | Private | - | - | $75M | - | |
 Malta | Publicly listed | $110M | $33M | $63M | - |
Dream11 Public Comps
Dream11 is still privately-owned, but its public comps include The Lottery Corporation, Churchill Downs, Lottomatica Group, Allwyn, Super Group SGHC, DraftKings, FDJ United, Entain, Sportradar and Cirsa Enterprises.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.5B | $443M | 3.9x | 3.7x | 22.1x | 18.1x | |||
| $2.9B | $1.1B | 3.8x | 3.7x | 10.4x | 8.9x | |||
| $2.5B | $806M | 3.6x | 3.4x | 11.2x | 8.6x | |||
| $1.8B | $918M | 10.5x | 3.6x | 21.0x | 9.9x | |||
| $2.2B | $430M | 2.2x | 2.0x | 11.6x | 7.3x | |||
| $6.1B | $302M | 1.9x | 1.7x | 37.4x | 17.7x | |||
| $4.1B | $984M | 1.5x | 1.6x | 6.4x | 6.7x | |||
| $7B | $410M | 1.3x | 1.4x | 22.6x | 6.9x | |||
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Common questions about Dream11
| When was Dream11 founded? | Dream11 was founded in 2008. |
| Where is Dream11 headquartered? | Dream11 is headquartered in Mumbai, India. |
| Is Dream11 publicly listed? | No, Dream11 is a private, VC-backed company. |
| What is Dream11's valuation? | Dream11 was last valued at $8B in its undisclosed-stage round in November 2021. |
| How much funding has Dream11 raised? | Dream11 has raised $1.2B across 3 funding rounds. |
| What was Dream11's last funding round? | Dream11's last funding round was a $836M undisclosed-stage round in November 2021, led by Alpha Wave Global, D1 Capital Partners, DST Global, RedBird Capital Partners and 1 other investor. |
| Who are Dream11's investors? | Dream11's investors include Footpath Ventures, Tiger Global, TPG, Steadview Capital, D1 Capital Partners, Alpha Wave Global, ChrysCapital, Think Investments, Kalaari Capital, Tencent and 4 others. |
| What is Dream11's revenue? | Dream11's latest recorded revenue is $273M (November 2021). |
| What is Dream11's revenue multiple? | Dream11's latest valuation implies a 29.3x revenue multiple ($8B valuation on $273M of revenue). |
| Which companies are comparable to Dream11? | Companies comparable to Dream11 include Dream Sports, Sportradar, Better Collective, Picklebet, Splash Sports and Gentoo Media. |
| How many companies has Dream11 acquired? | Dream11 has acquired 1 company, including Sixer. |
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