Real money gaming companies get knocked off from unicorn list in new report after ban
The list, compiled by ASK Private Wealth and Hurun India, noted that the new gaming bill has made a dent in short-term growth prospects of these companies.
Rubbing salt on the wound of India's gaming sector, the latest ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025 has struck real-money gaming startups off the list.
The report, which showcases the Indian startup ecosystem and looks at existing unicorns, soon-to-be unicorns, and potential unicorns, noted that real-money gaming companies have exited the list after the ban.
The move comes after the Promotion and Regulation of Online Gaming Bill, 2025, was passed last month, banning all real-money games in the country.
Companies like Dream11, MPL, Gameskraft, Games24x7, Zupee, and WinZO—each built squarely around real money gaming—have exited the list.
The report noted that the ban brings significant changes to the gaming industry. In the weeks following the ban, startups have taken various steps to stay afloat, including announcing layoffs and softly pivoting to other media.
For instance, Dream11 is reinventing its business model, which had been structured around fantasy gaming, to now focus on expanding its free-to-play fantasy ecosystem. It is also building on its other verticals, including streaming platform FanCode, sports travel vertical DreamSetGo, and Dream Game Studios. The parent company has also forayed into personal money management, Dream Wealth, according to reports.
On the other hand, companies like WinZO and Zupee have expanded to short-form video platforms that offer micro-dramas.
According to the report, Dream11 had around 260 million users, followed by WinZO Games with 250 million and Zupee with 150 million.
In the aftermath of the ban, many of these companies, including Zupee, Head Digital Works, and MPL have also resorted to layoffs.
The report notes that while the bill may build trust and stability for the industry in the long run, in the short term, it has reduced investor confidence. “For RMG Unicorns and Future Unicorns, staying compliant and adjusting quickly will determine their success in this new environment.”
The copy was updated to correct an error.
Edited by Affirunisa Kankudti