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Every rejection taught us how to build our pitch: Dream11's Harsh Jain

LivemintLivemint · 1y ago
Every rejection taught us how to build our pitch: Dream11's Harsh Jain
Medial

Dream11, India's leading fantasy sports platform, has become a giant in the startup landscape with a valuation of over $8 billion. In a recent interview, CEO Harsh Jain shared insights into the company's journey, from initial failures and rejection to building a strong team and navigating regulatory changes. Jain emphasized the importance of financial literacy, market understanding, and building a strong company culture. He also discussed the challenges of fundraising, the need for continuous learning and adaptation, and the role of governance and investor management in a company's growth. While an IPO is not currently a priority, Jain remains open to the possibility in the future.

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ED raids Dream11 office and co-founder Bhavit Sheth’s premises in money laundering case

EntrackrEntrackr · 3d ago
ED raids Dream11 office and co-founder Bhavit Sheth’s premises in money laundering case
Medial

url: https://entrackr.com/news/ed-raids-dream11-office-and-co-founder-bhavit-sheths-premises-in-money-laundering-case-10925069. Content: The Enforcement Directorate on Friday reportedly conducted search operations at more than 30 locations across India as part of a money laundering probe that has brought online fantasy gaming platform Dream11 and its co-founder Bhavit Sheth under regulatory scrutiny. Among the locations searched were Dream11’s office and premises linked to Sheth, as per several media reports. The action is connected to an ongoing investigation into an alleged Rs 2,434 crore financial fraud involving Mumbai-based conglomerate Jai Corp Limited, where Dream11 co-founder Harsh Jain’s father, Anand Jaikumar Jain, is a director. Investigators are examining whether the funds raised for real estate investments were instead diverted to foreign companies. The searches were carried out under the Prevention of Money Laundering Act (PMLA) and also covered properties linked to Anand Jain. More than 20 premises were searched in Mumbai, while additional locations in Nashik, Bengaluru and Raipur were also raided. According to reports, the agency is probing possible financial links between Jai Corp, Dream Sports, the parent company of Dream11, and Bhavit Sheth. Investigators are examining whether funds allegedly siphoned off in the Jai Corp case were channeled through a network of entities, including technology and sports gaming firms, using structured transactions to obscure their origin. The money laundering probe originates from a CBI case against Anand Jain, Jai Corp Limited and others, following a petition by activist Shoaib Richie Sequeira. The FIR was filed after the Bombay High Court directed the CBI in February to form a special investigation team to probe alleged financial irregularities, including misuse of public funds, investor fraud, round tripping through overseas shell firms, and diversion of funds via fictitious transactions and invoices. As per the CBI’s case details, the special investigation team is probing multiple suspected offences, including irregularities in domestic real estate investment funds, questionable transactions involving private funds in Mauritius and Jersey, improper futures trading, diversion of bank loans to offshore entities, and fraudulent export related transactions linked to Australia and the United States.

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