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Updated March 25th, 2021 at 13:39 IST

Dream11 now valued at whopping $5 BILLION thanks to Airbnb and Netflix investor

Ahead of the upcoming much-awaited IPL 2021 season, one of its primary sponsors Dream11 has received a major financial boost through a Netflix investor.

Reported by: Aakash Saini
Dream11
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The Indian Premier League 2021 (IPL 2021) season is scheduled to launch on April 9 with a match between defending champions Mumbai Indians and the Royal Challengers Bangalore. With just over two weeks remaining in the season, the official IPL 2021 partner Dream11 received a major financial boost from Technology Crossover Ventures (TCV) company. TCV, a company which also invests in Airbnb and Netflix, have now invested $400 million in India’s largest fantasy sports platform.

Dream11 valuation soars over $5 billion prior to IPL 2021

TCV has had backed companies like Airbnb and Netflix and their association with Dream11 marks their first investment with an Indian company. Earlier, Dream11 had already raised a funding of $225 million with the help of Tiger Global Management, TPG Tech Adjacencies and Footpath Venture. Through their current round of investment from TCV, Dream11 valuation is now estimated at $5 billion, according to a report by the InsideSport.

Dream11 owner Harsh Jain recently stated that their partnership with TCV is a “huge vote of confidence” to the Indian start-up ecosystem. He added that their own purpose is to “drive digital engagement” to real-life sporting events and to bring fans “closer to the sport they love”. The Dream11 owner also claimed that they are proud to continually contribute to the overall expansion of the Indian sporting ecosystem. Dream11 is owned by Dream Sports, which also happens to be the parent company of FanCode and DreamX.

IPL 2021 sponsors: BCCI welcomes Upstox on-board

VIVO returns for IPL 2021 title sponsorship, replaces Dream11

The upcoming tournament will also see the return of China-based smartphone company VIVO as the principal IPL 2021 sponsors, thus replacing the Indian fantasy sports app Dream11. Last year, Dream11 stepped in after the BCCI parted ways with VIVO. In terms of central sponsorships, the IPL 2021 season will reportedly feature five sponsors in comparison to three from the previous year.

IPL sponsors announcement confirms VIVO’s return

Sourav Ganguly-led BCCI confirm IPL schedule for 2021

The Sourav Ganguly-led BCCI committee recently revealed the entire itinerary for the upcoming IPL 2021 season. The entire tournament will be held at neutral venues in order to take away the home advantage from all teams. The decision was made after the BCCI had removed the home grounds of Punjab Kings, Sunrisers Hyderabad and the Rajasthan Royals from their list of IPL 2021 venues in order to limit the teams' travelling plans amidst the pandemic.

Image source: IPL Twitter

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Published March 25th, 2021 at 13:39 IST

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