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Dream Sports has invested USD 50 million in its subsidiary Fancode (FC) to help the platform's expansion activities to become one with the largest sports fans base.
Established in 2019, FC has 20 million users currently and derives its revenues from live streaming sports fixtures, selling official merchandise of clubs and providing sports insights and statistics, as per an official statement.
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The funding from Dream Sports will help us enhance our existing offerings and invest in further innovation in the sports tech domain as we scale up to our goal of growing to a user base of 100 million sports fans by July next year, FC's co-founder Yannick Colaco said.
Dream Sports, which also runs the fantasy sports platform Dream11, had raised USD 400 million from a clutch of investors earlier this year in a round which valued the company at USD 5 billion, as per reports.
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FC is transforming the way sports is consumed online by focusing on long-tail sporting events and personalisation of content, commerce and sports statistics across all sports, Dream Sports' co-founder and chief executive Harsh Jain said.
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FC has partnered with global sports brands such as the NFL, MLB, Cricket West Indies, New Zealand Cricket, NBA, Bundesliga, multiple IPL teams, and live-streamed nearly 30,000 hours of sports content, as per the statement.
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The company has pioneered industry-first services such as interactive live streaming of sports matches with customisable data overlays, the fastest ad-free live scores and a flexible choice to subscribe, as per the statement.
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It has launched what the company claimed to be the largest sports analytics and insights hub, via the acquisition of Fanduniya, and became the only platform to host the official merchandise of all eight IPL teams.
A part of the USD 50 million funding will also be deployed to expand its team to include top engineering and product development talent across various roles as well as leadership positions, as per the statement.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
