The Success Story of Dream11 by financeupmedia
introduction of Dream 11
Dream11 is a popular fantasy sports platform that was founded in 2008 by Harsh Jain and Bhavit Sheth in India. It is the first and largest online platform for fantasy sports in India and has since become one of the leading platforms in the world. Dream11 offers a variety of sports to choose from, including cricket, football, basketball, kabaddi, and hockey, and allows users to create their own virtual teams by selecting real-life players. Users can then earn points based on the performance of their chosen players in actual matches, and compete with other users in private or public contests. Over the years, Dream11 has amassed a large user base and has been credited with bringing fantasy sports into the mainstream in India. Its success has led to several partnerships and collaborations with major sports leagues and teams, making it a household name among sports enthusiasts in the country.
Dream11 – Company Highlights
|Founders||Harsh Jain & Bhavit Sheth|
|Total Funding||$1.62 bn (November 2021)|
|Revenue||$359.03 mn million (Rs 2708.38 crore) in FY21|
|Total Valuation||$8 bn (November 2021)|
|Parent Organization/Owner||Dream Sports|
about Dream 11
Dream11 is a fantasy sports platform that was founded in 2008 by Harsh Jain and Bhavit Sheth in India. It is the largest and most popular platform of its kind in India, with millions of registered users. The platform allows users to create their own virtual teams by selecting real-life players from different sports and earn points based on the performance of their chosen players in actual matches. Users can compete with other users in private or public contests and win cash prizes.
Dream11 offers a wide range of sports to choose from, including cricket, football, basketball, kabaddi, and hockey, and has become an important part of the Indian sports culture. The platform has also established several partnerships and collaborations with major sports leagues and teams, including the Indian Premier League (IPL), the National Basketball Association (NBA), and the International Cricket Council (ICC), among others.
The success of Dream11 has been attributed to its user-friendly interface, innovative marketing strategies, and its ability to leverage the growing interest in fantasy sports in India. The platform has also been recognized for its contribution to the development of sports in India, by providing a new and engaging way for fans to participate and follow their favorite sports.
Logo and tagline
Dream11 launched a series of 6 recent campaigns, which revolve around the tagline, ‘Team Hai Toh Mazaa Hai
Dream11 – Founders
Dream11 CEO Harsh Jain, is a graduate of the University of Pennsylvania with an MBA from Columbia Business School. Before Dream11, he launched and successfully led the acquisition of Red Digital (a social media agency) by Gozoop. His vision with Dream11 is to entertain sports fans with some real-time modules. Harsh Jain is currently hailed as the President of the Federation of Indian Fantasy Sports, along with being the Cultural Enforcement Officer (CEO) and Co-founder of Dream11.
The Dream11 Co-founder is also recognised as the son of Anand Jain, an experienced businessman of enormous repute, who is the Chairman of Jai Corp Limited, Urban Infrastructure Venture Capital Limited, and is often considered as the third son of Dhirubhai Ambani. Anand Jain, the father of Harsh Jain has been closely associated with the Reliance Group for 25+ years and was even featured in No. 11 in the Forbes’ List of India’s 40 Richest in 2007.
Bhavit Sheth, the Co-founder and COO of Dream11, holds an Engineering degree, an MBA from Bentley University in Boston, and a Diploma in E-commerce strategies from Harvard. Sheth co-founded Dream11 with Harsh Jain in 2008 and currently serves as the company’s COO. As COO, Sheth is responsible for ensuring operational excellence throughout the company’s processes, with a focus on providing the best user-focused experience. Prior to Dream11, Sheth co-founded Red Digital with Harsh, which was later acquired by Gozoop. He also has experience as a Financial Research Intern at Bilav Information Services LLP and as a Quality Assurance Intern at Godrej & Boyce Mfg. Co. Ltd.
According to sources close to the company who requested anonymity, the majority of the stakes in Dream11 are retained by its founders. As of August 2020, Dream11 had 542 employees, and the employee strength of the company has remained relatively stable. Linkedin lists the total number of Dream11 employees between 501-1000.
Dream11 is known for its sporty and enthusiastic work culture, according to most of its employees. The company is recognized for its chilled-out working atmosphere, where employees can engage in fun and games to beat boredom. In 2019, Dream11 was named among India’s Great Mid-size Workplaces by Great Place to Work in its list of India’s 50 Great Mid-size Workplaces.
Dream11 – History and How it Started?
Dream11, the most popular fantasy sports application, was co-founded by childhood sports enthusiasts, Harsh Jain and Bhavit Sheth. The emergence of the Indian Premier League (IPL) acted as a catalyst for the new fantasy sports industry. With billions of cricket fans in India, Harsh and Bhavit saw an opportunity to create a profitable service by offering sports fantasy leagues.
After completing his studies at the University of Pennsylvania and Columbia Business School, Harsh returned to India to solve a fantasy game problem. He invited others to join him in finding a faster solution to the problem. Although many people laughed at him, Harsh’s college classmate Bhavit Sheth decided to join him, and the two set out on their entrepreneurial journey.
Dream11 – Mission and Vision
The Dream11 vision primarily is to “make fantasy sports a part of every sports fan’s life.”
Dream11 business model
Dream11 does not generate revenue through Google ads or other ad agencies. Instead, the company’s profit comes solely from hosting fantasy games on its website. While they initially attempted to use Google AdSense, they stopped doing so to ensure their users have a simple and fast user experience. Surprisingly, only 10% of Dream11 players participate in paying contests, which is significant because converting a free user to a paying user can be challenging and costly.
Dream11 was the first app in India to launch a private fantasy gaming app, offering all three types of gaming methods (freemium, premium, and private) for fantasy sports players to earn money. They charge a commission of more than 20% of the total amount earned in a grand or small league, with each contest having a set commission. Other websites, such as Halaplay or MyTeam11, have much lower commissions and don’t charge for private competitions.
However, players continue to choose Dream11 because of the freedom to customize their contests when playing with friends or teams, such as creating their own cricket teams. Even in these scenarios, Dream11 charges a minimum of 20% in fees, allowing them to make money while players have fun with their games.
Dream11 – Revenue Model
The revenue model of Dream11 primarily works on two levels:
- Entry-level fees from the participants to participate in the paid contests.
- When the users earn on their real-time performance of the players, Dream 11 takes its cut, which accounts for about 15-20% of the total pool.
Dream11 – Startup Challenges
Becoming India’s top online gaming platform was not an easy feat for Dream11. One of the first major obstacles they faced was legal challenges, due to the perception that fantasy gaming was similar to gambling, which is largely prohibited in India. As a result, the company faced several court allegations, but the judiciary ultimately ruled that fantasy gaming is a game of skill rather than chance. Despite the industry’s rapid growth, it remains in a self-regulatory phase.
Dream11 started its fantasy sports business with only a few thousand dollars, which was not sufficient to sustain the company’s growth. However, through their negotiation skills, they were able to secure a series of angel investments and are currently close to achieving their funding goals.
The company also faced challenges in identifying a business market, marketing the company, finding a suit
Dream11 – Marketing
Dream11 is a well-known brand in India and has built its reputation through effective marketing strategies. Here are some of the ways in which Dream11 has marketed its brand:
|Sponsorship: Dream11 has sponsored several cricket tournaments in India, including the Indian Premier League (IPL), which has helped them gain immense visibility and reach among cricket fans.|
|Celebrity endorsements: Dream11 has signed up several cricketers as brand ambassadors, including Mahendra Singh Dhoni, the former captain of the Indian cricket team. These endorsements help build brand recognition and trust among consumers.|
|Social media marketing: Dream11 has a strong presence on social media platforms such as Twitter, Facebook, and Instagram, where they engage with fans and promote their brand through contests, promotions, and other interactive campaigns.|
|In-app promotions: Dream11 promotes its brand within the app by offering incentives and discounts to users who refer their friends or participate in contests.|
|Partnerships: Dream11 has partnered with several other brands in India, including Hotstar, BookMyShow, and Paytm, to reach a wider audience and promote its brand.|
|Offline advertising: Dream11 has also invested in traditional advertising channels such as television, radio, and billboards to promote its brand.|
Overall, Dream11’s marketing strategies have been effective in building brand recognition and reaching a wider audience in India.
Dream11 – Competitors
Dream11 has several competitors in the fantasy sports market in India. Some of the major competitors are:
Mobile Premier League (MPL): MPL is an Indian gaming platform that provides a variety of games including fantasy sports. It has a user-friendly interface and allows users to play fantasy games in several categories such as cricket, football, and basketball.
MyTeam11: MyTeam11 is a fantasy sports platform that allows users to create their own teams and compete with other users in various sports like cricket, football, basketball, and hockey.
Halaplay: Halaplay is another fantasy sports platform that offers cricket, football, and kabaddi games. It allows users to create their own teams and compete with other users.
FanFight: FanFight is a fantasy sports platform that offers cricket, football, and basketball games. It allows users to create their own teams and compete with other users.
11Wickets: 11Wickets is a fantasy sports platform that provides cricket and football games. It offers daily contests and leagues for users to participate in and win cash prizes.
BalleBaazi: BalleBaazi is a fantasy sports platform that provides cricket, football, and basketball games. It allows users to create their own teams and compete with other users in various contests and leagues.
Dream11 – Future Plans
Dream11 and its parent, Dream Capital is now planning to expand its sports, fan engagement, and fitness portfolio in India and beyond.
1. indias biggest fantasy sports platform
Fantasy sport came in India in later half of 2010s. Federation of Indian Fantasy Sports (FIFS) is national federation of this sport in India. India have many fantacy mobile gaming or Fantasy sport apps such as Dream11, My 11 circle, Mobile Premier League (MPL) etc.
2. Is Dream11 legal in India?
On the basis of the above discussions, Dream11 is considered as a game of skill and endorsement, and therefore exempt from provisions of the Public Gambling Act, 1867 and hence a legitimate (legal) activity as per the Constitution of India.
3. Is Dream11 real money?
On Dream11, you can create your fantasy cricket team for a real-life match and compete with other players for big prizes. Remember, there are cash prizes for every match, so you create your fantasy teams and win real money every day.
4. Is Dream11 fake or real?
Is Dream11 real or fake? The answer is that Dream11 is a real and legitimate platform. It is a fully licensed and regulated company that operates in accordance with Indian laws and regulations.
5. Does Dream11 really give 2 crore?
Waseem Raja became a millionaire overnight when he won Rs 2 crores on an online fantasy cricket platform, Dream 11.