Dream Sports, a sports technology company with brands such as Dream11, FanCode and DreamX in its portfolio, announced the completion of a $400-million secondary investment led by TCV, D1 Capital Partners and Falcon Edge, on Wednesday. This is US-based growth equity firm TCV’s first investment in India.

The round also saw participation from existing investors such as Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures. Falcon Edge Capital, co-founded by Navroz Udwadia, invested via Alpha Wave, which seeks out best-in-class global growth stage assets.

This is the largest investment in the Indian sports tech ecosystem to date. Avendus Capital was the exclusive financial advisor to Dream Sports on the transaction.

“This is a huge vote of confidence to the Indian start-up ecosystem. We have created the fantasy sports category in India to drive digital engagement to real-life sporting events and bring fans closer to the sport they love. We are proud to continually contribute to the overall expansion of the Indian sports ecosystem,” said Harsh Jain, CEO and co-founder, Dream Sports, in a statement. A home-grown company founded in 2008 by Jain and Bhavit Sheth, Dream Sports is located in Mumbai and employs close to 600 people.

Gopi Vaddi, General Partner at TCV, which has invested in global tech giants such as Netflix, Airbnb, Sportradar and Peloton, said: “India is home to the world’s largest and most energetic sports fan base with a dynamic mix that is unique to the subcontinent. Dream Sports is serving this community with a highly innovative product offering. We are inspired by what Harsh, Bhavit and the Dream Sports team have built, and we look forward to partnering with them.”