Chinese gaming and social media giant Tencent, which backs Dream11, has accounted for a surge of 26% in quarterly sales as online gaming business soars in China and India during the pandemic.
Based on data from Refinitiv, Tancent’s revenue rose to 133.67 billion yuan ($20.5 billion) in the quarter at the end of December, even though the market expectations lay at 132.19 billion yuan. For the company, which offers a great deal of games and fantasy sports business in both China and overseas markets, including India, online games revenue grew to 39.1 billion yuan with profit rising to 175% in the same period to 59.3 billion yuan.
Recently, Dream11 CEO and co-founder Harsh Jain revealed that the company would no longer seek further investment from the Chinese Venture Capitalists and staying true to his words, he secured the latest round of funding from TCV, Capital Partners, and Falcon Edge.
According to a July 2020 report ‘Business of Fantasy Sports’ published by the Federation of Indian Fantasy Sports and KPMG, the gross revenue of the fantasy sports market in India was around $340.47 million in FY20 vis-à-vis around $131.64 million in FY19. Tencent Holding Pvt. Ltd have a huge role in play with their huge investment in the largest OFS company in India.