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News on Medial
Dream Sports eyes diversification via investments, M&As to cope with GST
Economic Times
·
1y ago
Medial
Dream Sports, the parent company of fantasy gaming platform Dream11, is seeking to diversify its business and expand into other streams through acquisitions. The move comes as Dream11 is expected to see a decline in revenue and earnings following the introduction of a 28% goods and service tax (GST). Dream Sports aims to make strategic investments in sports and related sectors like sports commerce, content, experiences, fitness, and healthtech. The company plans to take a significant stake in these ventures and work closely with the founders to align their goals with Dream Sports.
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Dream11 acqhires fantasy cricket stocks startup Sixer
Money Control
·
1y ago
Medial
Fantasy sports giant Dream11 has acquired Sixer, a Delhi-based fantasy cricket stocks startup. Dream11 backed the startup to help scale its offerings. Sixer allows users to buy and sell virtual stocks of prominent cricket players based on their performance. Dream Sports, the parent company of Dream11, declined to comment on the acquisition. This comes at a time when the Indian government has imposed a high GST (Goods and Services Tax) slab on player deposits, which may impact the growth of the sector. Dream Sports has previously invested in various sports, gaming, and fitness-tech startups through its corporate venture and M&A arm, Dream Capital.
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Dream Sports joins David Beckham, Gary Neville-led ownership group of Salford City FC
Economic Times
·
2m ago
Medial
Dream Sports has joined the ownership group of Salford City FC, along with football icons like David Beckham. This marks the company's entry into football club ownership, aligning with its global ambitions. Financial terms are undisclosed, but there's a commitment to invest in the club. Dream Sports, part of the members' club, is backed by investors like Tiger Global. The move is part of Dream Sports' diversification strategy as it navigates challenges in India's tax regime.
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Dream11 to discontinue its investment arm Dream Capital
Entrackr
·
1y ago
Medial
Dream Sports, the parent company of Dream11, has made the decision to shut down its venture capital and merger & acquisition arm, Dream Capital. This move comes in response to the government's implementation of a 28% GST on online real money games. Dream Capital, which was launched in August 2021 with a $250 million fund, focused on investing in startups in the sports, online gaming, and fitness-tech sectors. The discontinuation of Dream Capital was reportedly decided a few months ago, and Dev Bajaj, its head, will also be leaving the firm.
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Dream Sports does an express flipback; among first to reverse merge sans NCLT nod
Economic Times
·
3m ago
Medial
Dream Sports, the parent company of Dream11, has moved its domicile from the US to India through a reverse merger with its Mumbai-based subsidiary, Sporta Technologies. This is among the first uses of a fast-track mechanism for cross-border mergers, bypassing NCLT approval. Dream Sports cited cost savings and consolidation benefits. The company faces significant GST demands but has not passed these on to users. It continues to focus on expanding its sports and allied sectors.
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TIGA Gets CCI Nod To Acquire Stake In Dream11, Tencent To Offload Entire Stake
Inc42
·
10m ago
Medial
Tiga Investments has received approval from the Competition Commission of India (CCI) to acquire a stake in Dream Sports Inc, the parent company of real money gaming major, Dream11. This transaction involves Tiga Acquisition Corp III purchasing preferred stock and certain rights from an existing shareholder of Dream Sports. Additionally, it has been reported that Tencent Holdings, a backer of Dream11, is considering selling its entire stake in Dream Sports.
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Dream11 gets largest ever indirect tax notice in India's history: Report
Inshorts
·
1y ago
Medial
Dream Sports, the parent company of fantasy sports platform Dream11, has filed a writ petition in the Bombay High Court to challenge a show cause notice issued by tax authorities for alleged GST evasion. The tax claim against Dream Sports is reportedly much higher than the previous record of Rs 21,000 crore, potentially reaching around Rs 40,000 crore. The company posted a net profit of Rs 142 crore in FY22. The Central Board of Indirect Taxes and Customs is expected to send similar notices to over 40 skill-gaming companies for alleged tax evasion.
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Vedanta awards Rs 865 crores integrated service contract to AESL
Economic Times
·
1d ago
Medial
Vedanta Ltd. has awarded an integrated service contract worth Rs 865 crores to Asian Energy Services Ltd. (AESL). This contract, including GST, covers field development and Operations & Maintenance (O&M) services and will be executed over 57 months. Kapil Garg, MD of AESL, expressed gratitude for the contract with long-standing client Vedanta. The partnership highlights integrated O&M as a core growth area for AESL, contributing to its business diversification under Oilmax Energy Private Limited.
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Harsh Jain's Dream11 enters casual real money gaming segment with Dream Play
IndianStartupNews
·
1m ago
Medial
Dream Sports, the company behind Dream11, has ventured into India's casual real-money gaming market with Dream Play, a new platform offering games like Carrom and Pool. Available on Google Play Store and App Store, Dream Play features various game modes and Mega Contests with cash prizes. This move positions Dream Play against established competitors like MPL and WinZO. Dream Sports, valued at $8 billion, reported significant revenue growth, further diversifying its offerings beyond fantasy sports.
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Dream11 challenges ₹40,000 Cr GST evasion notice in Bombay High Court: Report
Livemint
·
1y ago
Medial
Dream11, the leading fantasy gaming platform in India, has filed a writ petition in the Bombay High Court to contest the show cause notice it received from tax authorities accusing the company of evading goods and services tax (GST). The notice alleges that Dream11 failed to pay 28% GST on the nominal value of bets, with the total tax allegations amounting to a staggering INR 40,000 Crores, making it the largest-ever claim in the history of indirect taxation in India. Dream11's parent company, Dream Sports, is challenging these allegations in court.
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Centre Court signs first cheque to Stupa Sports, eyes more opportunities
Livemint
·
1y ago
Medial
Centre Court Capital (CCC), a sports technology and gaming fund, has selected 10 startups from a pool of over 350 potential investments. The fund's first investment has been made in Stupa Sports Analytics, a company that offers AI-driven solutions for player performance analysis and sports digitization tools. CCC aims to invest in tech-enabled sports businesses and will focus on opportunities related to performance analytics and fan engagement. With a target corpus of INR 350 crore, CCC has already received INR 200 crore in commitments from investors. The fund is looking to make 8-10 investments and reserves 50% of the fund for follow-up rounds.
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