Biography of Bhavit Sheth: Founder and COO of Dream11-Indian Entrepreneur
Story of Bhavit Sheth: The Visionary Behind Dream11's Rise
From College Dreams to Fantasy Sports Giants
Bhavit Sheth, a dynamic entrepreneur, co-founded Dream11 in
2008 with Harsh Jain. Their journey began with a simple idea, sparked during
casual conversations between college friends who were passionate about fantasy sports.
The concept was to create a fantasy sports platform inspired by the English
football leagues, but tailored to the Indian market. What started as a personal
hobby quickly evolved into a major business venture, laying the foundation for
what would become one of the world’s leading fantasy sports platforms.
Educational Foundations and Early Career
Bhavit Sheth's educational background laid a strong
foundation for his future endeavors. He completed his Bachelor of Engineering
from D.J. Sanghvi College in Mumbai and furthered his studies with an MBA from
Bentley University in Boston. Additionally, he earned a diploma in E-commerce
Strategies from Harvard, equipping him with a blend of technical expertise and
business acumen. Early in his career, Bhavit gained valuable experience as an
intern at Godrej & Boyce Mfg. Co. Ltd., which provided him with insights
into the corporate world.
Early Career and Financial Research
In the early stages of his career, Sheth gained experience
as a Financial Research Intern at Bilav Information Services LLP from August
2007 to March 2009. This role provided him with a solid analytical foundation
that would later contribute to his strategic and leadership roles in the
digital and sports tech industries. The skills and insights gained from this
position helped shape his approach to business and technology.
Founding and Growing Red Digital
Before his success at Dream Sports, Sheth co-founded Red
Digital in July 2010. Red Digital was a digital agency that provided end-to-end
solutions in digital marketing, social media management, online reputation
management, and more. The agency quickly made a mark by working with
high-profile clients like Mumbai Indians, BMW, PepsiCo, and Adidas. Within a
short span of two years, Red Digital's innovative approach and successful client
engagements led to its acquisition by Gozoop in July 2013. This acquisition
underscored the agency's success and Sheth's ability to build a prominent
digital presence.
The Challenges of Securing Funding
The path to success was not smooth for Bhavit and Harsh
Jain. In their initial efforts to secure funding for Dream11, they faced
numerous rejections. They approached 150 venture capitalists and private equity
investors, all of whom turned them down. Despite these setbacks, Bhavit and
Harsh remained undeterred and eventually succeeded in obtaining their first
round of funding from Kalaari Capital. This breakthrough was crucial in turning
their vision into reality and set the stage for Dream11’s future success.
Red Digital: A Precursor to Dream11
Before Dream11, Bhavit Sheth ventured into the digital space
by founding Red Digital in 2010. The agency specialized in comprehensive
digital solutions, including social media management, digital marketing, and
technology projects. Red Digital quickly established itself by signing
high-profile clients such as Mumbai Indians, BMW, and PepsiCo. Under Bhavit’s
leadership, the team expanded significantly across major Indian cities, and in
2013, Red Digital was acquired by Gozoop, a leading digital agency. This
acquisition highlighted Bhavit’s ability to drive growth and innovation in the
digital sector.
Dream11's Evolution and Growth
Dream11, founded on Bhavit's and Harsh's passion for fantasy
sports, has seen remarkable growth since its inception. The platform allows
users to engage in fantasy gaming across various sports, including cricket,
football, and kabaddi. Dream11's success was underscored in April 2019 when it
joined the Indian unicorn club with a valuation surpassing $1 billion, thanks
to a significant investment round led by Steadview Capital. This milestone
marked Dream11 as the first gaming startup in India to achieve such a
valuation.
Expansion and Strategic Partnerships
Dream11's growth trajectory continued with strategic
partnerships and marketing campaigns. In 2017, the company signed commentator
Harsha Bhogle as their brand ambassador, followed by cricketer Mahendra Singh
Dhoni in 2018. Dhoni's endorsement was highlighted by the “Dimaag se Dhoni”
media campaign during the Indian Premier League (IPL). By 2019, Dream11 had
engaged seven cricketers and partnered with IPL franchises to enhance its multi-channel
marketing efforts.
Celebrity Endorsements and Brand Ambassadors
In a notable shift in its marketing strategy, Dream11
expanded its brand ambassador roster beyond sports. In March 2022, actors
Kartik Aaryan and Samantha Ruth Prabhu were introduced as brand ambassadors,
marking the first time the company included celebrities from the entertainment
industry. This move aimed to broaden Dream11’s appeal and reach a wider
audience. The company also continued to work with prominent cricketers such as
Rohit Sharma and Jasprit Bumrah to strengthen its association with the sport.
Revenue Growth and Financial Success
Dream11's financial performance has mirrored its growth and
expansion. In FY21, the company reported a significant 53% increase in revenue
from operations, reaching INR 2,554.4 crore compared to INR 1,670.2 crore in
FY20. This substantial revenue growth reflects Dream11's expanding user base
and the increasing popularity of fantasy sports in India. The company’s
impressive financial results underscore its position as a leader in the fantasy
sports market.
Challenges and Resilience
Bhavit Sheth’s journey with Dream11 has been marked by both
triumphs and challenges. The initial struggle to secure funding and the need to
prove the viability of their concept were significant hurdles. However,
Bhavit’s resilience and determination played a crucial role in overcoming these
obstacles. The success of Dream11 is a testament to the power of perseverance
and a clear vision in transforming an idea into a global success story.
Dream11's Market Position
Today, Dream11 stands as a dominant force in the fantasy
sports industry, with a valuation approaching $5 billion following a $400
million investment round in early 2021. The company’s expansive reach, with 14
crore users by 2021, and its continued growth in revenue highlight its
significant impact on the Indian and global fantasy sports markets. Dream11’s
success exemplifies how a well-executed idea, supported by strategic
investments and effective marketing, can achieve extraordinary results.
The Impact of Fantasy Sports
Dream11 has not only revolutionized the fantasy sports
landscape but has also contributed to the growth of the sports ecosystem in
India. By providing a platform for fans to engage with their favorite sports in
a new and interactive way, Dream11 has enhanced the overall sports experience.
The company's innovations in fantasy gaming have set new standards and inspired
other players in the industry.
A Vision for the Future
Bhavit Sheth’s vision for Dream11 extends beyond its current
achievements. The company continues to explore new opportunities and expand its
offerings to stay ahead in the competitive fantasy sports market. Bhavit’s
leadership and forward-thinking approach are central to Dream11’s ongoing
success and its ability to adapt to the evolving needs of its users.
Legacy and Influence
Bhavit Sheth’s entrepreneurial journey with Dream11 reflects
a remarkable blend of vision, persistence, and strategic acumen. His role in
building Dream11 from a concept into a global fantasy sports powerhouse
demonstrates the potential of innovative thinking and dedication. Bhavit’s
influence extends beyond Dream11, inspiring future entrepreneurs and showcasing
the impact of combining passion with strategic execution.
A timeline of Bhavit Sheth and Dream11:
2008: Bhavit Sheth co-founds Dream11 with Harsh Jain.
2010: Founds Red Digital, which is later acquired by Gozoop
in 2013.
April 2019: Dream11 achieves unicorn status with a valuation
over $1 billion.
2017-2019: Partners with Harsha Bhogle and Mahendra Singh
Dhoni, and engages with IPL franchises.
March 2022: Introduces actors Kartik Aaryan and Samantha
Ruth Prabhu as brand ambassadors.
FY21: Reports a 53% revenue increase, reaching INR 2,554.4
crore.
Early 2021: Secures a $400 million investment, boosting valuation to nearly $5 billion.
