Fantasy gaming unicorn Dream11’s revenue grows 50% in FY22, profit shrinks 54%
Dream11’s operating revenue grew to Rs 3,841 crore in FY22 from Rs 2,554 crore in FY21, according to its RoC filings.
Mumbai-based fantasy gaming unicorn ’s operating revenue grew over 50% to Rs 3,841 crore in FY22 from Rs 2,554 crore in FY21, according to its RoC filings.
On the other hand, the 14-year-old firm’s net profit shrank by over 54% in the fiscal year ended March 2022. It raked in Rs 149.76 crore in net profits while in FY21, the figures stood at Rs 327.10 crore.
Dream11 also made Rs 224 crore from interest on current investments so its gross revenue crossed the Rs 4,000 crore mark. In November 2021, the company received $840 million from Alpha Wave (formerly Falcon Edge), DST Global, D1 Capital, Redbird Capital, Tiger Global, TPG, and Footpath Ventures.
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Sporta Technologies Pvt Ltd, which runs Dream11, is India's biggest fantasy sports platform with over 14 crore users playing fantasy cricket, football, kabaddi, basketball, hockey, and many other sports.
It has partnered with national and international sports leagues and bodies, as well as many reputed Indian and international cricketers. As a result, the company’s advertising promotional expenses surged 72.8% to Rs 2,158 crore in FY22 from Rs 1,249 crore in FY21.
The company envisions improving Indian e-sports better by converting Indian sports fans from passive viewers to active participants in sports.
“Our goal is to bring sports and tech together to build an ecosystem that helps sports grow in India and brings fans closer to the action than ever before through our various brands,” then company said in the filings.
During the IAMAI Digital Summit, Dream11’s parent Dream Sports Co-founder and CEO Harsh Jain said the company is looking to invest in startups and anything that makes sports better.
"Last year, the fantasy sports industry, which consists of over 200 companies, contributed Rs 3,000 crore in media rights, sponsoring teams, leagues, players and spending money in every single sports event," Harsh added.
He said the Dream Sports Foundation, the corporate social responsibility arm of the company, supports 6,000 athletes in India at present.
Edited by Kanishk Singh