Dream 11 which is start-up based out of Mumbai has become the first Indian gaming start-up to join the mushrooming unicorn club in the Country. Unicorn start-up club is an elite club of privately-held start-ups valued at $1 billion or more.
This first of its kind development in the start-up niche is a result of an investment from Steadview Capital through the secondary route in the range of $60 million. Three other investors include Kalaari Capital, Think Investments and Multiples Alternate Asset management have disbursed a portion of their stakes, with the valuation of the company estimated at $1-$1.5 billion.
This investment by Steadview Capital, which is based both in London and Hong Kong, comes almost eight months after Dream 11 secured a $100 million equity financing round led by Tencent, which is world’s 5thlargest internet company. This transaction with Dream 11 marks Steadview Captial’s third deal in the past quarter following $50 million investment in UrbanClap in December 2018 and $50 million in Ola in January 2019.