🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Games24x7 crosses Rs 2,000 Cr income in FY23; controls losses

EntrackrEntrackr · 1y ago
Games24x7 crosses Rs 2,000 Cr income in FY23; controls losses
Medial

Real money gaming platform Games24x7 has continued to grow its scale: their collection grew 70% year-on-year in FY23. The controlled spending on employee benefits and advertising helped the Mumbai-based firm keep its losses in check during the same period. Games24x7’s revenue from operations grew 70.1% to Rs 1,988 crore in FY23 from Rs 1,169 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Games24x7 mainly runs RummyCircle and the fantasy sports platform, My11Circle. The platform fee deducted for joining tournaments or contests is the primary source of revenue for Games24x7 which accounted for 99% of the operating income. The rest of the operating revenue comes from selling virtual items in freemium games. The company also added Rs 35 crore from the interest and gain on current investment tallying the overall income to Rs 2,023 crore in FY23. For the gaming platform, advertisement and business promotion expenses accounted for 66% of the overall expenditure, which surged by 61.7% to Rs 1,421 crore in FY23 from Rs 879 crore in FY22. The firm’s burn on employee benefits, legal, traveling, training, recruitment, subscription membership, and other overheads took its overall expenditure up by 43.4% to Rs 2147 crore in FY23. The 70% growth in scale and controlled cost helped the firm’s losses go down to Rs 199 crore in FY23 from Rs 282 crore in FY22. Its ROCE and EBITDA margin improved to -18% and -4.6%, respectively. On a unit level, it spent Rs 1.08 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -24% -4.6% Expense/₹ of Op Revenue ₹1.28 ₹1.08 ROCE -48% -18% Games 24×7 has raised over $107 million to date including its $75 million round led by Malabar Investment at a valuation of $2.5 billion. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder with 22.39%. In March, Games24x7’s My11Circle became the new fantasy sports official partner for IPL (Indian Premier League) for five years, outbidding its rival Dream11. Games24X7 also said that it has tripled its marketing investment this year. This will reflect in the company’s financial performance in FY25.

Exclusive: Dream11 set to shut its core real-money gaming biz

EntrackrEntrackr · 6d ago
Exclusive: Dream11 set to shut its core real-money gaming biz
Medial

Exclusive: Dream11 set to shut its core real-money gaming biz “The decision was communicated during an internal town hall on Wednesday,” said one of the sources on condition of anonymity. “RMG contributes more than two-third of the company’s annual revenue.” Dream11 (Dream Sports) is winding down its real money gaming operations, sources aware of the development told Entrackr. The decision comes on the heels of the government’s recent Online Gaming Bill 2025. “The decision was communicated during an internal town hall on Wednesday,” said one of the sources on condition of anonymity. “RMG contributes more than two-third of the company’s annual revenue.” The landmark Bill, passed by the Rajya Sabha and Lok Sabha, bans all forms of online games involving monetary stakes, including fantasy sports, poker, betting apps, and opinion trading platforms. The Bill also prohibits celebrity endorsements and makes violations a criminal offense, carrying imprisonment of up to three years and fines of up to Rs 1 crore, with personal liability extended to company directors and promoters unless they can prove due diligence. According to sources, Dream11 will now shift focus to expanding its non-real-money gaming ventures such as Fancode, Sportz Drip (formerly Sports Rhythm), and its investments in Cricbuzz and Willow TV. “The firm is also likely to explore new game formats for overseas markets, similar to the strategy adopted by Mobile Premier League (MPL),” said a second source requesting anonymity. "The shutdown will also trigger severe cost-cutting measures, including mass layoffs, as the RMG business employed the majority of the firm’s workforce,” the person added. Dream11 has declined to comment on the story. Dream11’s revenue from operations surged to Rs 6,384 crore in FY23 from Rs 3,841 crore in FY22. During the period, its profit also increased 32% to Rs 188 crore. It has yet to file its annual report for FY24 and FY25.

Download the medial app to read full posts, comements and news.