Dream11 demonstrated substantial financial growth in FY23, posting a revenue of Rs 6,384 crore, marking a remarkable 66% increase from FY22.
The parent company, Dream Sports, experienced a notable 32.3% surge in profits, reaching Rs 188 crore in FY23 compared to Rs 142 crore in FY22.
Dream11’s revenue from operations saw a significant rise from Rs 3,841 crore in FY22 to Rs 6,384 crore in FY23, according to Registrar of Companies (RoC) financial results.
The primary revenue source for the fantasy gaming platform in FY23 was platform fees from users, contributing to the impressive overall revenue of Rs 6,581 crore.
Additionally, Dream11 earned Rs 197 crore from gains on the sale of current investments, further boosting its total revenue.
Employee benefit costs experienced a substantial increase, jumping 2.3 times to Rs 1,154 crore in FY23.
Despite challenging conditions for gaming firms following the introduction of 28% GST, Dream11 remains the top revenue-generating fantasy sports company in India.
However, for FY24, Dream11 reduced its operating profit target by 80% due to adjustments necessitated by the new GST regime.
In September of the previous year, Sporta Technologies Ltd, the operator of the Dream11 brand, sought to quash a showcause notice related to a GST bill issued by the high court.
Subsequently, the fantasy sports platform decided to withdraw its challenge against the Rs 1,221-crore GST show-cause notice issued by the Maharashtra state GST department in the following month.
Stay informed with our financial updates, stocks, bonds, commodities. Get global & political insights. Follow us & enable notifications for the latest updates.
