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Dream11’s parent firm raises $400 million in fresh funding round
NEW DELHI: Fantasy sports app Dream11’s parent firm Dream Sports has secured $400 million in a new financing round led by the company’s early investors.
The secondary fundraise was led by D1 Capital Partners and Falcon Edge. The new round valued the start-up at nearly $5 billion, up from about $2.5 billion in a mix of primary and secondary September round last year. TCV, a long-time backer of Netflix in India, made its first investment in the firm with this round.
Existing investors including Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures also participated in the round, which brings Dream Sports’ total to-date raise to over $720 million. Avendus Capital was the financial advisor to Dream Sports on the transaction.
“This is a huge vote of confidence to the Indian start-up ecosystem. We have created the fantasy sports category in India to drive digital engagement to real-life sporting events and bring fans closer to the sport they love. We are proud to continually contribute to the overall expansion of the Indian sports ecosystem. Our growth trajectory is also a testimony to the prime minister’s vision of Atmanirbhar Bharat and Digital India,” said Dream Sports co-founder & chief executive Harsh Jain in a statement.
The start-up, whose Android app is not on the Play Store, said it has over 100 million users. Dream11 was the title sponsor for IPL 2020 after bidding $30 million for the much-coveted honour.
“India is home to the world’s largest and most energetic sports fan base with a dynamic mix that is unique to the subcontinent. Dream Sports is serving this community with a highly innovative product offering,” said TCV general partner Gopi Vaddi.
Dream11 isn’t the only firm building a niche in the fantasy sports space in India. Sequoia Capital India and Times Internet-backed Mobile Premier League is also a major player, which has expanded to traditional mobile games in recent months. Twitter-backed ShareChat also quietly began experimenting with fantasy sports last year.
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HSBC names Gautam Anand to head global India private banking unit
The bank taps a 25-year veteran to run its franchise as the war for wealthy NRI clients heats up
MUMBAI: HSBC has handed Gautam Anand the keys to its global India private banking business, betting that a seasoned operator can squeeze more out of one of the world’s most lucrative pools of offshore wealth.
Anand, who joined HSBC Private Bank in December 2023 as global co-ordinator for Global India, the Middle East, North Africa and Europe, steps up to lead the franchise outright. He will run the operation across India and its key international outposts in Dubai, Hong Kong, Singapore and the United Kingdom, putting him squarely in the middle of the corridors through which Indian money flows abroad.
The appointment is a signal of intent. HSBC only launched its global private banking business in India in 2023, pitching hard at high-net-worth and ultra-high-net-worth clients as part of a broader assault on Asian wealth management. The bank now wants Anand to turn that beachhead into a fortress.
He comes well-armed. Before HSBC, Anand clocked time at UBS, Credit Suisse, ANZ and ABN Amro, a CV that reads like a roll-call of the banks that have long competed to manage the fortunes of India’s affluent diaspora.
With Indian wealth exploding at home and spreading fast across global financial centres, the race to capture it is only getting fiercer. HSBC is backing Anand to make sure it does not finish second.
