Dream11 is a fantasy sports app that allows participants to select players you think are going to perform the best in a match. For example, from 22 players on the field (cricket/football), you pick the 11 you think will perform the best, and can win money based on how those players actually perform. So, for cricket, say, your players earn points based on how many runs they score, wickets they take, catches, and run-outs. In India alone, there are at least 40 such apps, however, Dream11’s differentiator is its scale. So, although product-wise, all apps do largely the same thing, Dream11 had 50 million users last year, and $2 billion in transactions on its platform (about $150 million in revenue for Dream11), much more than competitors. Further, Sporta Technologies, which owns Dream11, posted a net profit of Rs 180.77 crore for the financial year ended March 31, 2020, compared to a net loss of Rs 87.8 crore the year-ago. Meanwhile, Dream Sports, the parent company of Dream11, is reportedly working on a US listing by early next year, and might raise $1.5 billion through the process. The company is in talks with investment banks for the proposed IPO. The listing might value the company at $6 billion. In March, Dream Sports raised $400 million in a secondary round, valuing the company at $5 billion. More
