Dream11 contemplates going public in the US next year

There are currently talks between Dream Sports, the parent company of India’s fantasy sports platform Dream11, and a few American investment banks to list themselves in the US early next y🔥ear. The Indian RMG conglomerate became a unicorn in 2019 and is planning to raise about USD 1.5 billion throug𓃲h the listing at a valuation of USD 6 billion.

Late in March 2021, the company closed a secondary USD 400 million round from Falcon Edge, TCV, and D1 Capital Partners to push their valuation to around USD 5 million but there are co🥀ntrasting reports. According to Economic Times, the company was valued at USD 3.6 billion in the last round, up from USD 2.5 billion in September 2020, when it raised USD 225 million from Tiger Global and ChrysCapital, among others.

Morgan Stanley, JP Morgan, and Citigroup are the three investment banks that have made presentations to the company in the firs🎃t week of April.

“The bankers have made presentations. The company indicated that the n🐬ext round of fundraising could be through a listing. So talks are in that direction,” the report said. “The planned listing may involve both a primary and secondary sale of shares. Some of Dream Sports’ early backers may use🍸 this opportunity to exit.”

While Harsha Jain, co-founder of Dream11, clarified that they want to boost their sports-tech offering and not 🥂really planning to go public anytime soon, there are more than interests internally though. Food giant Zomato, insurance marketplace Policybazaar, e-grocer Grofers, payments firm MobiKwik, beauty retailer Nykaa, logistiꦿcs startup Delhivery, and e-retail giant Flipkart are looking to go public in the next couple of years.