Dream11 Success Story
Dream11 is an online fantasy sports platform that was founded in 2008 by Harsh Jain and Bhavit Sheth. The company is headquartered in Mumbai, India and allows users to create their own virtual teams of real-life players and compete against each other in various sports such as cricket, football, basketball, and kabaddi.
The idea for Dream11 was born when Harsh Jain and Bhavit Sheth were in the United States pursuing their higher education. They were passionate about sports and noticed the popularity of fantasy sports in the US. They believed that fantasy sports had the potential to be hugely popular in India, a country where cricket is considered a religion.
After returning to India, they started working on their idea and launched Dream11 in 2012. Initially, they faced many challenges as fantasy sports were relatively unknown in India. However, they persisted and eventually started gaining traction. They also had to deal with regulatory hurdles as fantasy sports were not explicitly legal in India at the time.
Dream11 overcame these challenges by focusing on creating a seamless user experience and offering attractive rewards and prizes. They also invested heavily in technology to ensure that the platform was robust and scalable.
Over time, Dream11 became hugely popular in India, with millions of users playing on the platform. They also forged partnerships with various sports leagues in India, including the Indian Premier League (IPL), which helped them reach a wider audience.
In 2020, Dream11 made history by becoming the title sponsor of the IPL, which was held in the United Arab Emirates due to the COVID-19 pandemic. This was a major milestone for the company as it cemented their position as a major player in the Indian sports ecosystem.
Today, Dream11 is one of the most successful startups in India, with a valuation of over $5 billion. They have also expanded their offerings to include other products such as Dream11 Games, a casual gaming platform, and DreamPay, a payment gateway. Despite facing competition from other fantasy sports platforms, Dream11 remains the market leader in India and is expected to continue growing in the coming years.
Dream11 - Company Highlights
| Startup Name | Dream11 |
|---|---|
| Headquarters | Mumbai |
| Founders | Harsh Jain & Bhavit Sheth |
| Industry | Fantasy Gaming |
| Founded Year | 2008 |
| Total Funding | $1.62 bn (November 2021) |
| Revenue | $359.03 mn million (Rs 2708.38 crore) in FY21 |
| Total Valuation | $8 bn (November 2021) |
| Parent Organization/Owner | Dream Sports |
| Website | dream11.com |
Highlights
Dream11 – About
Dream11 – Industry
Dream11 – Founders and Team
Dream11 – Startup Story | History and How it Started?
Dream11 – Mission and Vision
Dream11 – Name, Tagline and Logo
Dream11 – Business Model and How it Works?
Dream11 – Revenue Model
Dream11 – Startup Challenges
Dream11 – Funding and Investors
Dream11 – Growth and Revenue
Dream11 – Marketing
Dream11 – Competitors
Dream11 – Awards & Recognitions
Dream11 – Future Plans
Dream11 - About
Dream11 is a popular fantasy sports platform that allows users to create virtual teams and compete with other users in various sports such as cricket, football, kabaddi, basketball, and hockey. It was founded in 2008 by Harsh Jain and Bhavit Sheth and has since grown to become one of India’s leading sports technology companies.
Dream11 operates on a simple concept – users can create a virtual team comprising real-life players and earn points based on their performances in actual matches. Users can participate in various contests and leagues, and the team with the highest points at the end of the contest wins cash prizes.
One of the unique features of Dream11 is its user-friendly interface, which allows users to easily create and manage their virtual teams. It also provides users with a wealth of statistical information and insights to help them make informed decisions while selecting their team.
Apart from being a fun and engaging platform for sports enthusiasts, Dream11 has also been instrumental in promoting sports in India. It has partnered with various sports organizations and teams, including the Indian Premier League (IPL), the Pro Kabaddi League, and the National Basketball Association (NBA), to promote these sports and encourage greater participation from fans.
Dream11 has won several awards and accolades for its innovative approach to fantasy sports, including the ‘Startup of the Year’ award at the 2019 Economic Times Awards for Corporate Excellence. It has also been recognized as one of India’s most innovative companies by Fast Company magazine.
In conclusion, Dream11 has revolutionized the way sports enthusiasts engage with their favorite sports, and it continues to innovate and push boundaries in the world of fantasy sports.
Dream11 - Industry
Over the past few years, the online gaming sector in India has undergone a seismic shift, with the market estimated to grow at a CAGR of 21% between FY21 and FY25, reaching an impressive size of Rs 29,000 crore as of June 2021, according to KPMG. The fantasy sports and gaming industry in particular is set to explode, with projections valuing it at a whopping $3.7 billion by 2024, growing at an eye-popping CAGR of 32%. Meanwhile, the mobile gaming sector is also skyrocketing, growing at a blistering CAGR of 35% and already boasting a massive $6.5 billion market.
In fact, a report by Flurry Analytics revealed that India ranks among the top five countries in the world for online and mobile gaming, a testament to the growth and potential of the industry. It is no wonder then that Dream11, a fantasy sports platform that caters to sports lovers and enthusiasts in the 20-35 age bracket, has emerged as a dominant player in this space. The company has disclosed that the majority of transactions on its platform come from this very same age group, highlighting the potential of this demographic as a key growth driver.
Looking to the future, it’s clear that fantasy sports in India has enormous room for growth and innovation, with new players entering the market all the time. With a vibrant and dynamic user base, Dream11 and other players in the industry are well-positioned to capitalize on the potential of this rapidly growing market.
Dream11 - Founders and Team
Founded in 2008 by two young and ambitious sports enthusiasts, Harsh Jain and Bhavit Sheth, Dream11 has emerged as a leading player in the fantasy sports industry. Harsh Jain, the CEO of Dream11, is an accomplished entrepreneur and graduate of the University of Pennsylvania and Columbia Business School. Prior to Dream11, he also launched and led the successful acquisition of Red Digital, a social media agency, by Gozoop. Harsh Jain’s vision for Dream11 is to entertain sports fans with real-time modules, and he currently serves as the President of the Federation of Indian Fantasy Sports while also holding the positions of Cultural Enforcement Officer (CEO) and Co-founder of Dream11.
Aside from his accomplishments, Harsh Jain is also the son of Anand Jain, a renowned businessman and Chairman of Jai Corp Limited and Urban Infrastructure Venture Capital Limited. He is often regarded as the third son of Dhirubhai Ambani and has been closely associated with the Reliance Group for more than 25 years. In fact, Anand Jain was featured in the Forbes List of India’s 40 Richest in 2007, ranking at No. 11. As Dream11 continues to dominate the fantasy sports industry, the legacy of its co-founders, including Harsh Jain, is sure to be remembered for years to come.
Dream11 - Startup Story | History and How it Started?
Dream11, India’s first and largest fantasy sports platform, was founded in 2008 by two young entrepreneurs and sports lovers, Harsh Jain and Bhavit Sheth. The idea for Dream11 was born out of their love for cricket and the desire to create an innovative platform that would engage fans and allow them to showcase their knowledge and skills in a fun and competitive way.
Initially, Dream11 started as a simple platform for cricket enthusiasts to create their own fantasy teams and compete with each other based on the performance of their chosen players in real matches. Over time, the platform expanded to include other popular sports like football, kabaddi, and basketball, offering fans a wider range of options to choose from.
The company’s growth has been remarkable, with Dream11 becoming the go-to platform for fantasy sports fans in India. Today, the platform boasts over 100 million registered users and has partnerships with major sports leagues and teams, including the Indian Premier League (IPL), the National Basketball Association (NBA), and the Pro Kabaddi League (PKL).
Dream11’s success can be attributed to its user-friendly interface, innovative gameplay features, and a strong focus on user engagement and satisfaction. The company has also been recognized with several awards and accolades, including the Frost & Sullivan Award for ‘Emerging Fantasy Sports Platform of the Year’ and the IAMAI Digital Awards for ‘Best Fantasy Sports Website/App.’
As the fantasy sports industry continues to grow in India, Dream11 remains at the forefront, constantly innovating and expanding its offerings to meet the needs and expectations of its users. The company’s journey from a small startup to a major player in the sports and gaming industry is a testament to the vision and determination of its founders, Harsh Jain and Bhavit Sheth.
Dream11 - Mission and Vision
The Dream11 vision primarily is to “make fantasy sports a part of every sports fan’s life.”
Dream Sports’ co-founder and CEO Harsh Jain was interviewed on November 24, 2021, where he mentioned:
Dream11 - Name, Tagline and Logo
The name Dream11 has been chosen with utmost dexterity. Both cricket and football are really popular across the globe and all of them have 11 players mandated for any live game. Now, as the company’s main idea is to let the users create their dream team, they are basically trying to create their Dream 11 squad of players.
Dream11 launched a series of 6 recent campaigns, which revolve around the tagline, ‘Team Hai Toh Mazaa Hai‘ (loosely translated to if there’s a team, then there’s fun).
Dream11 - Business Model and How it Works?
Dream11 generates revenue solely through hosting fantasy sports games on their platform, rather than relying on Google ads or other ad agencies. Initially, they tried Google AdSense but stopped to provide users with a seamless and fast experience. Interestingly, only 10% of Dream11 players participate in paying contests, which can be challenging and expensive to convert from free to paying users.
As the first app in India to launch a private fantasy gaming app, Dream11 offers all three types of gaming methods (freemium, premium, and private) for fantasy sports players to earn money. They charge a fee of more than 20% of the total amount earned in a grand or small league, with each contest having a set commission. While other websites like Halaplay or MyTeam11 offer lower commissions and don’t charge for private competitions, Dream11’s customizable contest options make it a popular choice among players.
Even when playing with friends or teams, users must pay Dream11 a minimum of 20% in fees. This way, Dream11 earns money while users have fun with their game.
Dream11 is a fantasy sports platform that allows users to create their own virtual teams and compete with others based on the real-time performance of the players in actual matches. The platform operates on a freemium model, where users can participate in games for free or pay a nominal fee to unlock additional features and benefits.
Here is a breakdown of Dream11’s business model and how it works:
User registration and team creation: Users sign up on the Dream11 platform using their email ID or mobile number. They then select a match and create their own virtual team, choosing players from both the teams.
Match and player performance: Once the real match starts, the virtual teams created by users start accumulating points based on the performance of the players they have selected. Points are awarded for runs, wickets, catches, and other parameters depending on the sport.
Leaderboard and rankings: As the match progresses, the points earned by each user’s virtual team are updated in real-time on the platform’s leaderboard. At the end of the match, the users with the highest points are declared the winners.
Prizes and rewards: Dream11 offers a range of prizes and rewards to winners, including cash prizes, gift vouchers, and merchandise. Users can also earn points and rewards by referring friends to the platform or by participating in various promotions and contests.
Revenue model: Dream11 generates revenue through a variety of channels, including transaction fees, advertising revenue, and partnerships with sports leagues and teams. The platform charges a nominal fee for some of its premium features and services, such as creating private contests, accessing expert advice, and participating in high-stakes games.
Overall, Dream11’s business model has proven to be successful, with millions of users across India engaging with the platform and generating significant revenue for the company. Its innovative approach to fantasy sports and user engagement has set a new standard in the industry, making Dream11 one of the most popular and trusted platforms in the country.
Dream11 - Revenue Model
Dream11’s revenue model revolves around hosting fantasy sports games on their platform and charging a commission on the winnings earned by users. They earn a fee of 15 to 20% of the total amount earned in a grand or small league, with each contest having a set commission.
Dream11 offers three types of gaming methods for fantasy sports players to earn money – freemium, premium, and private. Users can play for free or pay to participate in premium and private contests.
Apart from charging a commission, Dream11 also earns revenue through sponsorships and partnerships with various sports leagues and teams. They have collaborated with multiple cricket boards, including the Board of Control for Cricket in India (BCCI) and the International Cricket Council (ICC).
In addition, Dream11 has launched its own merchandise line, selling products such as t-shirts, caps, and mugs to fans of the platform. They have also introduced a payment gateway service for businesses, allowing them to accept digital payments from customers.
Overall, Dream11’s revenue model is primarily based on commission charges and partnerships/sponsorships, with additional streams through merchandise sales and payment gateway services.
Dream11 - Startup Challenges
Becoming India’s leading online gaming platform was not an easy feat for Dream11. The company had to overcome several obstacles, particularly in terms of legality due to the perception of fantasy gaming being similar to gambling, which is mostly illegal in India. The company had to go through court allegations, but the judiciary ruled that fantasy gaming requires skills rather than chances or probabilities. Although the industry is growing at an ever-increasing speed, it is currently in a self-regulatory phase.
Initially, Dream11 had limited funds to operate its fantasy sports business, but it quickly expanded and required a series of angel investor investments. The amount of money needed to run the company was significantly high, but the company’s negotiating abilities allowed them to secure some decent investment opportunities and nearly complete the funding round.
The company also encountered several challenges, such as navigating legal obstacles, identifying the right business market, effectively marketing the company, finding an appropriate office location, and planning and implementing the necessary technologies. Despite these challenges, Dream11 managed to emerge as India’s leading fantasy sports platform.
Dream11 - Funding and Investors
As of November 25, 2021, Dream11 has secured close to $1.62 billion in 9 rounds of funding. The latest funding round, which took place on November 24, 2021, was led by Falcon Edge, DST Global, D1 Capital, Tiger Global, and Redbird Capital, with participation from TPG and Footpath Ventures, raising approximately $840 million. Notably, Dream11 has received funding from major investors such as Tencent, which invested $100 million in a Series D funding round in September 2018, and Steadview Capital, which helped the company join the Indian unicorn club in April 2019. Other notable investors include Kalaari Capital, Think Investments, and Multiples Equity. In the coming months, Dream11 is expected to secure another $400 million from both new and existing investors, at a valuation of $8.5 billion.
Reports from September 4, 2021, indicate that Sporta Technologies, the parent company of Dream11, is seeking a new investment round to raise approximately $12.5 million (about Rs 90 crore). The company has filed to allocate a total of 2,933 equity shares to Antordaya Commercial and Holdings Private Limited at a premium of Rs 3,09,313 per equity share, for a total of Rs 90,72,44,359.
Dream11 funding and investors details are as follows-
| Date | Stage | Amount | Investors |
|---|---|---|---|
| November 24, 2021 | – | $840M | Falcon Edge, DST Global, D1 Capital, Tiger Global |
| Mar 24, 2021 | Secondary Market | $400M | D1 Capital Partners, Falcon Edge Capital, TCV |
| Sep 13, 2020 | Private Equity Round | $225M | Chrys Capital, Footpath Ventures, Tiger Global Management, TPG |
| April 9, 2020 | Secondary Market | $60 Million | Steadview Capital |
| September 6, 2018 | Series D | $100 Million | Tencent Holdings |
| January 17, 2017 | Series C | Undisclosed | Undisclosed |
| December 4, 2015 | Series B | Undisclosed | Undisclosed |
| January 5, 2015 | Series A | Undisclosed | Undisclosed |
| December 24, 2014 | Series A | Undisclosed | Undisclosed |
Dream11 - Growth and Revenue
According to reports from November 24, 2021, Dream11’s recent funding round of $840 million has led to an estimated worth of around $8 billion for the company. In the previous fundraising round in March 2021, the company raised $400 million, which brought its total valuation to $5 billion, almost doubling its worth within six months. Dream11 is currently the highest valued startup in the online and fantasy gaming space in India, and it reported approximately 75 million users before the pandemic. However, the pandemic had a significant impact on the company, causing canceled matches and declining revenues. Despite this, Dream11 bounced back, registering 100 million users in 2020. According to reports from March 2021, the company had grown at a CAGR of 230% in the last three years and crossed the 2000 crore mark in terms of revenue from operations. Dream11’s operating revenue rose from $105.37 million (Rs 775.5 crore) in FY19 to $281.26 million (Rs 2070.4 crore) in FY20, an increase of 2.67X. The operating revenue for FY21 was $340 million (Rs 2554.4 crore), up by 53% from the previous fiscal year’s revenue of $221.40 million (Rs 1670.2 crore). The company’s total revenue for the same fiscal year grew to $359.03 million (Rs 2708.38 crore). Dream11 joined the Indian Unicorn club in 2019 and has had an impressive growth trajectory, having taken three years to hit 1 million users, but crossed the 3 million mark in less than two months.
Dream11 Financials Breakdown
| Dream11 Financials Breakdown | FY21 | FY20 |
|---|---|---|
| Total Revenue | INR 2708.38 cr | INR 1729.93 cr |
| Profit/Loss | Profit of INR 327.1 cr | Profit of INR 104.01 cr |
| EBITDA Margin | 19.65% | 12.21% |
Dream11 Revenue Breakdown
| Dream11 Revenue Vertical | FY21 | FY20 |
|---|---|---|
| Gaming and Other Operating Revenue | INR 2554.35 cr | INR 1670.16 cr |
| Finance Income | INR 154.03 cr | INR 59.77 cr |
Dream11 Expenses Breakdown
| Dream11 Expense Verticals | FY21 | FY20 |
|---|---|---|
| Advertisement and Promotion | INR 1249.20 cr | INR 927.82 cr |
| IT expenses | INR 359 cr | INR 230.5 cr |
| Transaction Charges | INR 44.33 cr | INR 40.12 cr |
| Others | INR 280.4 cr | INR 192.55 cr |
| Employee Benefit Costs | INR 277.4 cr | INR 153.21 cr |
Dream11 - Marketing
Dream11, the Indian fantasy sports platform, has forged several partnerships and marketing campaigns over the years to expand its brand reach and attract more users. Here are some of the notable ones:
Partnership with TikTok sensation Khaby Lame: Dream11 signed a deal with the trending social media influencer Khaby Lame to become their new advertisement partner, reportedly worth around Rs 2 crore. This collaboration resulted in the launch of Dream11’s first promotional advertisement video featuring Khaby, titled #Dream11PeDimaagLagaNa.
IPL 2021 campaigns: During the ongoing Indian Premier League (IPL) 2021, Dream11 promoted six new campaigns with the main tagline “Team Hai Toh Mazaa Hai”. These campaigns are designed to appeal to cricket fans and highlight their love for the game and Dream11.
IPL title sponsorship: After Vivo pulled out, Dream11 secured the rights to sponsor the 2020 Indian Premier League for $2.22 billion in August 2020. The Board of Control for Cricket in India (BCCI) appointed Dream11 as the Official Partner of the IPL for that year.
Title sponsorship of Super Smash T20 tournament: In October 2019, Dream11 was revealed as the title sponsor of the Super Smash domestic Twenty20 tournament by New Zealand Cricket (NZC). This partnership was extended until 2026 in January 2021.
Partnerships with multiple sports leagues: Dream11 has partnered with several sports leagues worldwide, including the International Cricket Council (ICC), the Pro Kabaddi League (PKL), the International Hockey Federation (FIH), the World Basketball League (WBBL), and the British Basketball League (BBL). As a result of these collaborations, Dream11 added Kabaddi and Hockey to their website in 2018.
Official Fantasy Partner of various leagues: In 2017, Dream11 was named the Official Fantasy Partner of the Hero Caribbean Premier League, Hero Indian Super League, and the National Basketball Association (NBA) of the United States. Later that year, they became the official Fantasy Football Partner of the Indian Super League. Dream11 also collaborated with the NBA to launch a fantasy basketball game in November 2017 and released their official NBA fantasy game on their website.
Dream11 - Competitors
Competitors of Dream11 include MyTeam11, My11Circle, MPL, and FanFight, among others.
Dream11, as a fantasy sports platform, has a number of competitors in the Indian market. Some of the top competitors of Dream11 are:
MPL (Mobile Premier League): MPL is a mobile gaming platform that offers a variety of games, including fantasy cricket, football, and kabaddi. It has over 6 crore registered users and has partnerships with various sports leagues.
MyTeam11: MyTeam11 is a fantasy sports platform that offers cricket, football, basketball, and volleyball. It has over 1 crore registered users and offers daily, weekly, and season-long contests.
BalleBaazi: BalleBaazi is a fantasy sports platform that offers cricket, football, and basketball. It has over 5 lakh registered users and offers daily, weekly, and mega contests.
FanFight: FanFight is a fantasy sports platform that offers cricket, football, basketball, kabaddi, and volleyball. It has over 50 lakh registered users and offers daily and weekly contests.
HalaPlay: HalaPlay is a fantasy sports platform that offers cricket, football, and kabaddi. It has over 30 lakh registered users and offers daily and weekly contests.
Fantasy Akhada: Fantasy Akhada is a fantasy sports platform that offers cricket, football, and kabaddi. It has over 2 lakh registered users and offers daily, weekly, and season-long contests.
11Wickets: 11Wickets is a fantasy sports platform that offers cricket, football, basketball, and kabaddi. It has over 1 lakh registered users and offers daily, weekly, and season-long contests.
These platforms offer similar services and compete with Dream11 for users, partnerships, and sponsorships.
Dream11 - Awards & Recognitions
- 2013, for its excellence in the industry.
- Google’s report of 2018 listed Dream11 as one of the Top 10 biggest and most popular trends in India, showcasing its growing popularity among users.
- The Board of Control for Cricket in India (BCCI) partnered with Dream11 in 2019 as IPL’s official fantasy sports partner until 2022, highlighting its prominence in the fantasy gaming industry.
- In 2018, Dream11 was ranked #9 among India’s Great Mid-Size Workplaces, recognizing its efforts in creating a positive work environment.
- Dream11 was also featured in Inc42’s 42Next list, which identified 42 of the most innovative startups.
Dream11 - Future Plans
Dream11 and its parent, Dream Capital is now planning to expand its sports, fan engagement, and fitness portfolio in India and beyond.
FAQs
- What is Dream11 and who are its founders?
Dream11 is a fantasy gaming app founded by Bhavit Sheth and Harsh Jain on January 1, 2008. It is currently one of the leading players in the Indian fantasy sports industry, boasting over 10 crore users.
- Who owns Dream11 and what is its location?
According to sources, the majority of Dream11 stakes are still held by its founders, making them the owners of Dream11. Dream Sports is the parent company of Dream11, and it is headquartered in Mumbai, Maharashtra, India.
- When was Dream11 launched and how much funding has it raised?
Dream11 was launched in 2008, and the latest funding round in November 2021 raised $840 million, bringing the estimated total funding to $1.6 billion.
- Who are the top competitors of Dream11, and how much revenue did it generate in FY20?
Dream11’s top competitors include FanMojo, Mobile Premier League, Ballebaaz, HalaPlay, Gaming Monk, and others. It generated revenue of Rs 2,070.4 crore in FY20.
- Is Dream11 a Chinese app, and is it legal and safe to use?
Dream11 is an Indian fantasy sports platform, and while Tencent, a Chinese conglomerate, holds a 10% stake in the company, it is not a Chinese app. Dream11 is legal and safe to use, with millions of people playing paid leagues on the platform. It is the largest fantasy website in India, with more than 1.1 crore players.
