Mumbai-based sports tech startup Dream Sports, the parent company of fantasy gaming unicorn Dream11, has infused $50 Mn funding in one of its subsidiaries FanCode, which is a multisport aggregator platform founded in 2019 by Yannick Colaco and Prasana Krishnan. The investment was carried through Dream Sports’ investment arm Dream Sports Investments (DSI).
FanCode is a multi-sports aggregator platform that focuses on offering personalised experience across sports content, commerce and sports statistics. It offers interactive live streaming of sports matches with customisable data overlays, ad-free live scores and sports-related content through ‘Match Pass & Tour Pass’, along with fantasy sports statistics, expert fantasy tips, game analysis and access to engage with other sports fans.
In 2020, it acquired artificial intelligence (AI)-backed fantasy sports startup FanDuniya, which offers news coverage, statistical tools and AI-driven models to help them make informed decisions for a fantasy cricket match. FanCode claims that this acquisition enabled it to launch an analytics and insights hub named FC Stats and became the only platform to host the official merchandise of all eight IPL teams through FC Shop.
The company claims to have a user base of 20 Mn, as it has partnered with some of the biggest global sports brands like NGL, MLB, Cricket West Indies, New Zealand Cricket, NBA, Bundesliga, multiple IPL teams, and live-streamed nearly 30K hours of sports content.
FanCode’s latest funding would allow the company to accelerate its growth plans and scale its digital sports services in an attempt to create the biggest sports fan platform in India. Besides this, the company would also expand its team to include top engineering and product development talent across various roles as well as leadership positions.
“FanCode 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. We are happy to support FanCode’s efforts in scaling up the business and making sports more accessible to over 800 million fans in India,” Dream Sports’ CEO and cofounder Harsh Jain said, in a press note. Meanwhile, FanCode’s Colaco noted that funding will enable the company to reach a user base of 100 Mn sports fans by July 2022.
FanCode’s cofounder Krishnan said, “The investment from Dream Sports is a testament to the growth and potential of FanCode, and we look forward to scaling our business, continuing to create unique digital fan experiences, forging more strategic partnerships and onboard the best talent.”
Notably, Dream11 is the biggest fantasy gaming startup in India, with more than 100 Mn users. The company also became the title sponsor for the Indian Premier League (IPL) last year. It is also the only Indian gaming startup to have attained unicorn status. The company has raised $785 Mn to date, with $400 Mn coming in as secondary investment led by TCV, D1 Capital Partners and Falcon Edge.
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