Dream Sports, the parent company of Indian Premier League (IPL) title sponsor, Dream11, has seen its valuation grow to nearly USD$5 billion (AUD$6.6 billion) after existing investors offloaded shares in valuation of approximately USD$400 million (AUD$527 million).

New investors include Airbnb, Sportsradar and Peloton and Technology Crossover Ventures (TCV), each purchasing shares from existing investors, such as Tiger Global TPG Growth, Steadview Capital and Footpath Ventures.

Dream Sports chief executive and co-founder, Harsh Jain, said in a statement engagement with the fans will allow the sport company to grow itself in the market.

“This is a huge vote of confidence to the Indian start up ecosystem,” Jain said.

“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,” he said.

This announcement follows a valuation of Dream Sports at USD$2.5 million (AUD$3.3 billion) in September of last year, following a funding round of USD$225 million (AUD$296 million).

With India and China experiencing heavy political tension throughout the past year, China’s Tencent Holdings has not sold any of its shares and continues to hold less than 10% of the company.