Dream Sports, the parent entity of fantasy gaming platform Dream11, has said that it will invest $50 Mn in Times Internet-owned Cricbuzz and Willow TV.
On the back of this investment, Dream Sports will also pick up a minority stake to deepen its play in the cricket content and broadcast ecosystem.
The move aims to deliver interactive and AI-powered fan experiences globally, while also exploring product-level integrations across live stats, personalised content, commerce experiences, and interactive match streams.
Cricbuzz is a cricket news and information website, claiming to have over 185 Mn monthly users. Willow TV, on the other hand, is a cricket broadcaster that streams over 1,500 matches annually across the US, Canada, and expanding markets such as the Middle East and Southeast Asia.
Harsh Jain, Cofounder and CEO of Dream Sports, said, “This investment will help fans experience more interactive streams, AI-led predictions, and commerce opportunities that bring them closer to the action.”
Avendus Capital acted as the exclusive financial advisor for the deal.
This move comes as Dream Sports continues to expand its global footprint. Last week, the company joined the ownership group of English football club Salford City FC, part of a consortium led by football legends David Beckham and Gary Neville, along with business leaders Declan Kelly and Lord Mervyn Davies.
Besides Dream11, Dream Sports also operates FanCode, a digital sports content and commerce platform, and DreamSetGo, which offers curated sports travel experiences.
Dream Sports’ India Gameplay
Earlier in March, the company shifted its domicile from the US to India via a reverse merger, becoming one of the first new-age firms to utilise the Indian government’s fast-track route for cross-border mergers.
This “reverse flipping” trend aligns with a broader movement among Indian startups such as PhonePe, Groww, Zepto, Flipkart, and Razorpay, which are relocating their domiciles to India in eyeing public listings. However, in its explanatory statement filed with the MCA for this domicile shift, Dream Play didn’t disclose any plans for a public listing yet.
Back in 2021, reports suggested that Dream Sports was eyeing a $1.5 Bn US IPO by 2022, a plan that ultimately did not materialise.
More recently, another real money gaming startup, Zupee’s cofounder, told Inc42 that despite the ongoing startup IPO boom, it is unlikely that a gaming company would go for a public listing before there is clarity on regulations.
The company continues to capitalise on the IPL season. This year, it has launched a celebrity campaign featuring actors Aamir Khan and Ranbir Kapoor, along with top cricketers like Rohit Sharma, Hardik Pandya, KL Rahul, Jasprit Bumrah, Suryakumar Yadav, Rishabh Pant, and R Ashwin.
During IPL 2024, Dream Sports added 1.1 Mn users on the very first day and recorded 15 Mn concurrent users, cofounder Harsh Jain said on X.
Founded in 2008 by Jain and Bhavit Sheth, Dream Sports’s Dream11 is a real-money gaming (RMG) platform that enables users to create virtual teams based on real players and win cash prizes based on their on-field performance.
However, like many RMG platforms, Dream11 have been impacted by the imposition of 28% GST on the full bet value. In October 2023, the DGGI issued the company a GST notice worth INR 28,000 Cr, with total claims reportedly touching INR 40,000 Cr.
More recently, the government reiterated to the Supreme Court that any online game with monetary stakes, regardless of whether it’s a game of skill or chance, should be taxed as gambling under the GST regime at a 28% rate.
While its FY24 numbers are yet to be disclosed, Dream Sports reported a 32% rise in net profit in FY23 to INR 187.8 Cr, with operating revenue climbing 66% to INR 6,384.5 Cr.
The post Dream Sports To Invest $50 Mn In Times Internet-Owned Cricbuzz & Willow TV appeared first on Inc42 Media.
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