Transcribe
So for the people who don't know the business side of dream 11 is give us a sense for what's the current scale whatever you want to share. Sure. So, you know, let me tell you a little bit about a couple of different points. So we're about 250 people internally we are doing about we have about seventy 1 million users today and we are growing at about 3 x year over year for the last five years. So we were at three 300,000 users in Thousand fifteen when you raise a series a and we raised a series B and 16c and 17d and 18. We did a secondary cell earlier this year to start View and we've been able to in the last five. Adios. Take our user base from 300,000 to 71 million. Wow. Okay, let's which has been a phenomenally fun and exciting Journey. What does a user base mean in your context registered users? Okay. So do they play a game or no? These are just registered user. Obviously you have a funnel of people that register and then some of them make a team and then there's some drop off when you join a contest and then there's some drop of any Jonah paid contest. So in about 15% of our registered users are paying users, but when I say only 15% is compared to an average worldwide 3% freemium, so is a high percentage. It's a very high percentage of Premium users. Yeah. That's awesome. So so Rewind let's go back to tell us your story. Where are you from maybe all before dream 11. So, you know rewind a little bit Yeah quite a bit, right? You can go all the way bad, but I'll keep it short and brief. So I was I'm a bomb baby boy born and brought up in Bombay Mumbai till I was 15 years old. I did my schooling here in green Lawns. And then once I finish my schooling how I went for high school for 11th and 12th to you, too. So I was in Sevenoaks School in Kent for my IB and that's when I picked up fantasy football. So when I went to London, you know, the first time you go abroad and specially London if you're a football fan, you cannot not play Fantasy Football and that's when I picked it up and got like addicted to it. I love it was this 2001? Okay, and then 2003 I graduated from high school and I went to UPenn for engineering in Philadelphia. Yeah, and spent another four years there where I was doing my engineering but you know throughout my London to yours and Philadelphia for years. I stayed in touch with my Mumbai friends a lot because of fantasy football because there was that one, you know group of friends. I would continuously be challenging and having this banter going around every week about the team's so even when you went to u.s. Does fantasy football is in soccer. Not sort of soccer. No. No, I never I never actually Up American football as much okay, even though the Eagles almost won the Super Bowl one of the years I was there and it was very exciting but 2007 I graduated and came back and I joined the family business and my family business was in jail estate and finance and they're working on a 10-year real estate project. And for a 21 year old kid engineer who's come back working on a 10-year real estate project doesn't really get you out of bed every morning right? It's not Like the most exciting thing and so I was itching to do something just different. So one year passed and 2008 IPL began. So in the IPL began in India I said, hey, let's go play Super selector, you know super selector used to be the only fantasy cricket game in town in the early 2000s. And so we went to play Super selector and we realize is shut down. And then I went looking for Fantasy cricket and there's almost no fantasy Cricket available in India. And that's when he said, you know, what in UK in America big spots markets 70% of online sports fans play fantasy sports. So you're not really a sports fan in those markets unless you've had a league A draft, you know, you have this Fantasy game with friends. So this was really a personal problem that I said that you know, let's just solve a let's just make one if nobody's made it. Let's just make one and you know, maybe we'll find another hundred million people in India. We have a big Market. We have a billion Cricket fans. Yeah digital was just you know starting to boom. That was the same time around which flip card and everyone was starting out e-commerce and you could see the, you know, Small Beginnings of a big digital tectonic shift can in most popular even exactly good composted very popular then But digital was taking off, you know, the mobile handsets are really starting to go mainstream by then. And so just started it out outsourced to an agency the agency basically screwed up for one year. They didn't do anything and then we did the main video the basic problem that I think most Founders do which is that instead of focusing on those one or two things, which is going to be your core business model and product and really getting that right. When we said we'll do fantasy Cricket. We said, oh we re fantasy Cricket. Let's do social media. Let's do feed. Let's do chat. Let's do blocks. Let's do for him. Let's do profiles. Let's do polls. Let's do contest last. So we ended up with a site which is larger than Cricinfo in our first year and had like .1% traffic of Cricinfo, right? Because it was a mess. Okay, we try to do everything. Yeah was it? If you reflect back was it because of product management or what? What drove that I think the majority? Okay, I think not enough experience. And that's where it comes that over time. You realize that do those one or two things. Yeah, but, you know be the master of one or two things not the Jack of all trades, right? Don't do everything. Okay, because then a specialist is always going to come and beat you at that one thing in every field. Okay, and so in 2009 we We launched the website and nine ten eleven. We spent a whole bunch of personal money and learnt everything what not to do. Right? So we did a free-to-play a driven business Model season long, which doesn't work in cricket because there's no season and Cricket really right and had everything under the sun on the in spots. I'm so you know in the next three years we realized I had moral doesn't exist in India. Unless you have like 10 million da you or Mau Eve at least right? And CPM rates are very poor. We finally as an engineer started understanding the difference between cash flow and accounts receivable and it which is a fundamental problem in India. Yeah, and so it's a very interesting story because so I took you know against my father's wishes. Starting this because in the family business side, but he still gave me the money to start off with because you know friends and family. Yeah. I really like he had to believe in his son and he had to like let his son go out and screw up and then come back and I did screw up. So two thousand eight nine ten Euros a complete failure, but then I had too much ego. I think to go back to my dad and say that you know, yes, I screwed up right? So I said no we've run out of money. We're not going back for more money. So we had 40 people our Dreamland that time we took 32 of them and started a servicing agency. So to get cash flow. So because I had been around, you know, me and my co-founder. I haven't mentioned that yet. So my you know, when I told my friends about this crazy idea of starting fantasy Cricket in India only one of them was crazy enough to join me by which it and so he was also an engineer. So both of us to Engineers went to build a product without any Finance background and that kind of hurt us, right and so he was a friend from pain or here Frank from Greenland. So we've known each other since Like eight years old. Yeah, you know that helps a lot you have one of the biggest things I would tell Founders is to you know, I would say at least have two Founders and from what I hear never have more than four. I think two and two or three is the ideal combination, but it's a very lonely Journey if you do it alone and you always need that support. So when you know and trust is seen trust trust is the most important. Yeah, I think So you can know someone but if you don't trust them there's there's so many ups and downs that you've got to have implicit trust that when you give something to someone you will never need to look at it again, right and that's what how often I think have babak David David. Yeah, and so I refuse coming back to my story about my dad right? So we I refuse to go back and get so we started Servicing. Me and Bobby had already especially me being a new pen. I had been part of that very early Facebook launched yet ivy league launch. So I had been using Facebook for about five years. They're just like five years more than the average Indian at that time. And so we said that let's put that to use and we started a servicing agency where we got cash flow by getting brands on to Facebook as a Facebook brand pages. So we set up the page for like Adidas cricket. It for Lufthansa Discovery Mumbai Indians. There was about 50 Brands. We had over the next two years and we started getting cash flow and we kept pumping that cash flow back into dream 11, which we then pivoted in 2012. So 2010 we realized right that this is not happening 2011. We started pivoting dream 11 while getting money from the servicing side of read digital. That was the name of the agency read digital. Okay and 2012. We pivoted to what you see today on dream 11. What was the major pivot? They're removing everything except fantasy Cricket. Okay, and even in fantasy Cricket removing the ad model going only Pure Play product and doing Freemium where you can't play for free and win anything if you want to play for free you win bragging rights, right if you want to win money, you've got to put money and why do people pay isn't more for the bragging or the or the money. It's always a mix of both. Okay, but more so bragging because our are even today like our average transaction size is about 42 to 45 rupees. So it's not like a you know, It's not like a huge amount of money people are putting but because of our liquidity pools because millions of people are playing you can still win 20 30. Lakh if you are the top layer everyday in every match and so yes, you can win a lot of money, but the bragging rights would be like, you know two-thirds of the reason people play God.