Fantasy gaming unicorn Dream11 has clocked in 200 million registered users at a time when the real money online gaming sector is reeling under the Centre’s decision to levy a 28 per cent GST regime.
Dream11 Clocking 20 Crores Users - What's your View ?
- Disturbing, It is Affecting Indian Youth (100%, 2 Votes)
- Great ! Shows How India is Growing. (0%, 0 Votes)
- It has no meaning to me. (0%, 0 Votes)
Total Voters: 2
Loading ...Dream11 cofounder and CEO Harsh Jain took to X to share the announcement.
“We’ve hit another massive milestone! @Dream11 now proudly has 200 Mn registered users!,” tweeted Dream Sports’ handle.
This comes at a time when the sector is grappling with tax notices from enforcement authorities over the non-payment of GST dues. Dream11 has been slapped with ₹28,000 crore GST notice by the Directorate General of Goods and Services Tax Intelligence (DGGI), Mumbai Zone.
The company also moved the Bombay High Court, challenging the show cause notice issued by the authorities for alleged GST evasion.
In July, the Centre levied 28 per cent GST on the gross revenue or total prize pool of online real money games. Eventually, the amendments came into effect from October 1.
Many gaming start-ups have either laid off employees or have temporarily halted their operations.
Last week, Dream11’s parent company Dream Sports shut down its corporate venture capital (CVC) arm, Dream Capital, impacted by 28 per cent GST.
Recently, Dream11 acquired fantasy cricket platform Sixer for an undisclosed amount. In addition, it also launched its first cricket mobile game in India to cash in on the growing popularity of the ongoing ICC Cricket World Cup 2023.
On the other hand, the gaming unicorn has been streamlining operations while continuing to chase growth.
The growth in registered users for Dream11 has come on the back of the growing popularity of gaming in the country.
