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Gaming startup Exiles Interactives raises $355K in pre-seed round

EntrackrEntrackr · 4m ago
Gaming startup Exiles Interactives raises $355K in pre-seed round
Medial

Gaming startup Exiles Interactives has raised $355,000 in a pre-seed funding round led by Chimera VC. Other participants include Warmup Ventures, IndigoEdge, angel investor Dhruv Vohra, and existing shareholder Sourav Gupta. The proceeds will be used to develop its gaming platform Centarius and support marketing. Founded in Bengaluru, Exiles Interactives is building Centarius, a browser-based social gaming platform that runs across devices. The platform offers a selection of mid-core titles with social, community, and competitive play features, as well as rewards to drive user retention. Centarius operates as a curated gaming platform rather than an open web aggregation model. It focuses on retention-led gameplay and social interaction. The platform aims to provide reach for indie developers across browser, PC/console, and mobile, removing constraints of native app store policies and distribution limits. The brand plans to collaborate with gaming creators across TikTok, Twitch, and YouTube to increase user adoption. After launch, Exiles Interactives will expand marketing through community engagement and participation in gaming industry events. Exiles Interactives competes with browser and cloud gaming platforms such as Kongregate, CrazyGames, Poki, Roblox (browser ecosystem) and Steam Web. Its focus is on curated mid-core social games playable without downloads.

Dream Sports restructures business as over 100 executives exit

EntrackrEntrackr · 1d ago
Dream Sports restructures business as over 100 executives exit
Medial

Dream Sports, the parent of Dream11, has reorganised its operations following regulatory challenges in the real-money gaming (RMG) sector, leading to the exit of more than 100 executives. After the online gaming ban in August last year, Dream Sports reorganised into multiple startups including Dream11 (pivoted), FanCode, DreamSetGo, DreamCricket, Dream Play, Dream Money, and Dream Horizon. Confirming the development to Entrackr, a Dream Sports spokesperson said, “Dream11’s 700 employees were redistributed across these startups based on experience. Around 15% chose to leave for larger companies or start their own ventures, while attrition is only slightly higher than the earlier 10%.” According to Dream Sports, it currently has around 950 employees. Following the ban on real-money gaming, Dream Sports has shifted from fantasy gaming to a global sports entertainment platform, with creator-led watch-alongs, fan interactions, banter streams, and free-to-play fantasy formats. Dream11’s revenue from operations declined 15% year-on-year to Rs 6,759 crore in FY25 from Rs 7,934 crore in FY24. The firm reported a loss of Rs 479 crore in FY25, compared to a profit of Rs 1,295 crore in FY24. According to the company’s filing, costs booked against the domicile shift and directors' benefits led to the loss. The RMG ban had triggered a wave of layoffs across the sector, forcing companies to explore ad-driven and subscription-led monetisation models. The list includes Gameskraft’s 400 layoffs, A23 Rummy (Head Digital Works) cutting 500 jobs, Zupee axing 170, MPL shrinking up to 60% of its staff, and Baazi Games reducing its headcount by 200. Games24x7 reportedly laid off 70% of its workforce. Some of these companies are also facing heat from the government's financial investigation agency Enforcement Directorate (ED).

Dream11 shifts domicile from US to India

EntrackrEntrackr · 11m ago
Dream11 shifts domicile from US to India
Medial

Dream11 parent, Dream Sports Inc., has shifted its domicile from the US (United States) to India. The development comes months after introducing the fast track of a reverse merger. The board at Dream11 India, in January, passed a special resolution to approve the merger of Dream Sports Inc. with Sporta Technologies Private Limited under Section 233 of the Companies Act, 2013, its regulatory filing accessed from the Registrar of Companies shows. All the shares of Dream Sports Inc. will be transferred to Sporta Technologies Private Limited (Dream11 India) under the amalgamation procedure. “Dream Sports is leveraging tech to unlock the massive potential of India’s sports ecosystem. We have completed a ‘ghar waapsi’ and are now an Indian domiciled business,” the company said in a statement. Last year, the amendment was introduced for a fast-track route under Section 233 of the Companies Act, 2013, which bypasses NCLT approval for certain cross-border mergers between a foreign holding company and its Indian subsidiary, subject to RBI approval. For context, the DGGI (The Director General of Goods and Services Tax) has issued Rs 1.12 lakh crore demand notices to Dream11 and other gaming companies by imposing a 28% tax on the full face value of player collections on a real gaming platform instead of an 18% tax on its revenue. After a certain number of pleas by the gaming companies, the Supreme Court of India granted a stay or temporary relief on the GST (Goods and Services Tax) show-cause notices issued to several online gaming companies. Dream11 has not filed its annual statements for FY24. During the fiscal year ended March 2023, the company recorded 66% year-on-year growth to Rs 6,384 crore, with profits standing at Rs 188 crore. With this, Dream11 has joined the likes of Zepto, Groww, and PhonePe, which have relocated their domicile to India. A bunch of companies, such as Flipkart, KreditBee, Pine Labs, Razorpay, and Meesho, have also been working on reverse flips.

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