Dream11, which is run by Sporta Technologies Dream SportsIts revenue also grew 2.5 times to Rs 2,070.4 crore in FY19 from Rs 775.5 crore in FY19, according to the latest regulatory documents obtained from business intelligence platform Toffler. In the filing, it attributed its revenue growth to “innovative marketing strategies” and “exciting new products.”
Omni-channel beauty and personal care retailer hero is the only other major consumer-centric startup that has reported profit – close to Rs 62 crore in FY21.
Earlier this year, Dream Sports shut down
Secondary funding of $400 million round, which was valued at about $5 billion. According to industry sources, another secondary round is underway at a significant valuation boom. In a secondary transaction, existing investors sell their shares to new ones and the money does not go to the company’s treasury.
The company’s expenses increased to Rs 1,867 crore in FY20 from Rs 934 crore last year. dream11 71 per cent of its total expenditure – Rs 1,328.02 crore – was spent on advertising and promotion as against Rs 785 crore in the previous fiscal. Its expenditure on employee benefits grew 133.6% to Rs 153.21 crore during FY20.
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Interview With ET in March, cofounder and chief executive Harsh Jain had said that the company is already profitable and is looking to diversify its offerings. Established a Corporate Venture Fund in August to support sports-tech startups and become a leading online sports technology group to expand its non-fantasy gaming offerings. The corporate venture arm has a corpus of $250 million. It is funding the entire fund from its balance sheet and has already made over eight investments.
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“We want to reinvest our EBITDA and re-invest in inorganic growth because we don’t want to fall into the old trap of trying to do it all ourselves,” Jain told ET in August. . Ebitda, which stands for earnings before interest, taxes, depreciation and amortization, is a measure of a company’s overall financial performance.
In an interview to ET, Jain had said, “Our focus is now on diversification. We have a good core business which has market leadership in its field. Now, we want to build YouTube, Gmail and Google Maps of Sports. We want to create an Alphabet-like entity, not just Google Search.” Alphabet Inc. is the parent company of Google.
According to the filing, Dream11, founded by Jain and Bhavit Sheth in 2008, had over 90 million active users who play fantasy cricket, football, kabaddi, hockey. While the Supreme Court held that the fantasy sports format of Dream11 was a ‘game of skill’ in July, last week the Karnataka government proposed a bill that would ban such games as part of ‘online gambling’. However, the bill made exceptions for betting on lotteries and horse racing.