Dream11 parents hits $8 bn valuation; Spinny races into unicorn club

 Dream11 parents hits $8 bn valuation; Spinny races into unicorn club

Sports technology firm Dream Sports, which owns India’s largest online fantasy sports platform Dream11, has hit a valuation of $8 billion (Rs 59,520 crore) after concluding a new financing round.

The company raised $840 million from new and existing investors. The funding round was led by Falcon Edge, DST Global, D1 Capital, Redbird Capital and Tiger Global. The round also saw participation from existing investors TPG and Footpath Ventures.

The tech startup has seen a 60% jump in valuation, up from $5 billion after raising $400 million in March this year.

Avendus acted as the sole financial advisor to Dream Sports.

Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports houses brands such as sports content and commerce platform FanCode, its corporate venture and M&A arm Dream Capital, sports experiences platform DreamSetGo, game publisher Dream Game Studios, and payment solutions provider DreamPay, apart from Dream11. It claims to have a user base of over 140 million users and employs close to 1,000 people.

The 13-year-old company has diversified its offerings to cover the ambit of sports technology products and services in India. It recently committed $50 million to its in-house sports content and commerce platform, FanCode, to become a one-stop destination for sports.

Dream Sports also introduced payment solutions through Dream Pay, launched an accelerator called DreamX, and operates DreamSetGo, a sports experiential company.

Dream Sports is also known to have held exploratory discussions with various investment banks to go public in the US in what appears to be another special purpose acquisition companies (SPACs) listing, according to various media reports a few months ago.

Spinny

Valuedrive Technologies Pvt. Ltd, which owns and operates used-car retailing platform under the brand name Spinny, has become the 39th unicorn this year after raising fresh funds to surpass a billion-dollar valuation mark.

The company raised around Rs 2,100 crore ($280 million) in a Series E funding round from new and existing investors. Tiger Global and Abu Dhabi wealth fund ADQ led the funding round with each investing Rs 739.7 crore.

The company was valued around $1.75 billion in this round, TechCrunch reported. This is more than double the valuation of $750-800 million during its Series D round earlier this year when it raised $100 million.

Spinny becomes the fourth startup in the used-cars space to become a unicorn after Droom, and IPO-bound firms Cars24 and CarDekho.

The Gurugram-based company operates on an online-to-offline model—it allows customers to discover cars online and make the final purchase offline at its hub. It operates in over 40 cities including Delhi-NCR, Bengaluru, Mumbai, Kolkata, Chennai, Hyderabad, Lucknow, Ahmedabad and Pune.

Ankit Doshi

The Capital Quest