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Dream11 at $8bn💰, Spinny turns🦄, Crypto bill FUD🤦🏻♂️
Dream11 parent raises $840 million, Spinny turns unicorn, Investors dump crypto assets amid confusion, Funding Deals & more.
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Dream11 parent raises $840 million at $8 billion valuation🏏
India's Dream Sports, the parent of popular fantasy gaming company Dream11 has raised $840 million from investors led by Falcon Edge, Tiger Global and others in a deal that valued the sports technology firm at $8 billion.
Founded in 2008, Dream Sports has 140 million users and runs companies such as sports content platform FanCode and DreamSetGo, which offers everything from game tickets and hospitality to stadium tours and celebrity events.
Its flagship firm, Dream11, has grown rapidly via marketing and hiring to become one of the biggest in India's fantasy gaming market. It is seeking a U.S. listing by early 2022, according to Economic Times.
Dream Sports is also ramping up its investments in the sports market through venture capital arm Dream Capital that has 10 companies in its portfolio.
Spinny turns unicorn after raising $285 million🚗
Online used car marketplace Spinny has raised $285 million in its Series E funding round, led by Abu Dhabi-based ADQ and New York-based investment firm Tiger Global. The round marks its entry to the unicorn club or those startups valued at $1 billion or more.
“ADQ and Tiger Global have invested $100 million each in the company, while $50 million has come from Avenir Growth and $25 million from Feroz Dewan’s Arena Holdings,” a person familiar with the development said.
Spinny is expected to use the funds to invest in developing tech and product capabilities, for branding, and to expand geographical reach.
Spinny is present in the top 15 Indian cities and is expected to expand to 25 cities by the end of the next calendar year.
CoreStack, a multi-cloud governance SaaS provider, has raised $30 million in Series B funding round led by Avatar Growth Capital, with continued participation from Dallas Venture Capital (DVC), Iron Pillar, and other angel investors.
Simple Energy, based in Bengaluru, announced a $21 million funding round on Wednesday. The goal was to raise $15 million in fundraising, but due to overwhelming investor interest, the company ended up raising even more money.
Indifi, an online lending platform, has raised 340 crores in a mix of equity and debt in its Series D round.
Zenwork, a SaaS platform for digital tax compliance and regulatory reporting for global businesses, has raised over Rs 1,200 crore from a US-based growth equity firm.
Indian crypto investors dump crypto assets amid confusion🤦🏻♂️
Cryptocurrencies on Indian exchanges lost as much as a fourth of their value on Wednesday as panicked investors dumped their holdings amid prevailing confusion over whether the government would ban trading of such assets.
Crypto industry executives, however, claimed that a complete ban is unlikely given the mass adoption of crypto assets, with the government most likely to bring them under the oversight of local regulators.
The finance ministry did not immediately provide details about the draft law. A ministry official said one should wait for the bill to be tabled in Parliament.
Due to the frantic selling, investors on some exchanges, including WazirX, faced issues such as delays in accessing features such as trading and withdrawals. However, the local crypto markets recovered later and were trading nearly in line with prices in global markets.
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