Dream 11 acquires fantasy cricket stocks app Sixer

Fantasy sports platform Dream11 has acquired Sixer, a fantasy cricket stocks startup based in Delhi, according to Moneycontrol. The startup has updated its website to showcase Dream11 under a "proudly powered by" banner.

Sixer app users reportedly received an official email directly from Founder Amay Makhija stating that the company has been acquired by Dream11.

"Our new partnership with Dream11 gives us the unique opportunity to elevate what we have built so far to unprecedented levels ... Together with Dream11, the Sixer platform will experience accelerated growth and we will be able to provide even more exciting features for our community," read the email as reported by Moneycontrol.

Founded in 2018, Sixer allows users to trade fantasy stocks in cricket players, with stock prices reflecting their on-field performance. In June 2021, the startup raised $3 million from Bullpen Capital, Genting Ventures, and Velo Partners.

The acquisition by Dream11 coincides with a recent government decision to apply the highest GST slab of 28% to player deposits, regardless of whether a game involves skill or chance.

On July 21, a group of prominent investors, including Peak XV Partners, Tiger Global, DST Global, Bennett, Coleman & Company Limited, Alpha Wave Global, Chrys Capital, and Lumikai, wrote a letter seeking the prime minister's intervention in the decision made by the GST Council.

This decision was anticipated to negatively impact prospective investments totalling $4 billion over the next three to four years.