Dream Sports, which owns fantasy gaming platform Dream11, has made an initial allocation of $250 million for its corporate venture capital and acquisitions arm, Dream Capital to invest in sports, gaming and fitness-tech startups.

The evergreen fund will be financed from the balance sheet of Dream Sports, which operates fantasy sports platform, Fancode; sports experiences platform DreamSetGo and payment platform DreamPay, said Dev Bajaj, managing director, Dream Capital, in an interaction. Bajaj also added that the fund is stage-agnostic and will back startups right from early to late stage.

DreamSports will look to increase the corpus size of the fund in the future, the company said.

Dream Capital’s corpus of $250 million signals the maturity of Indian unicorn startups that have reached a point to operate their own corporate venture arms or similar vehicles with a sizable amount.

Dream Capital’s corpus shadows the fund sizes of even Indian venture capital firms such as Stellaris Venture Partners and Chiratae Ventures, which have recently closed $225 million and $337 million respectively as a part of their newest investment funds. Notably, Dream Capital’s corpus is also higher than the second fund of Wipro Ventures, the investment arm of IT services major Wipro, that was launched last year.

Recently, even Indian unicorn, Lenskart floated its ‘Vision Fund’ of $20 million to invest in ancillary businesses.

Now, the venture arm of Dream Sports aims to make at least 15 early-stage bets and deploy a significant part of the present corpus in the next 12-24 years. It will take a ‘board observer’ seat in some of its portfolio investments.

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