Dream11 parent Dream Sports has shifted focus to fintech a day after real money games were banned by the government.
The company has launched a personal money management app, Dream Money, now available for early access.
The app lets users invest in gold, fixed deposits, and track their spending via the Google Play Store.
After Gaming Ban, Dream11 Parent Bets on Fintech With Dream Money
The app, now available on the Google Play Store, allows users to invest in gold, fixed deposits, and track their spending. The move could help the Harsh Jain-led company diversify its business after it halted all paid contests on its flagship fantasy sports platform Dream11
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Summary
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A day after President Droupadi Murmu gave her assent to the Online Gaming Bill banning online money games, Dream Sports, one of India’s largest real money gaming firms, has pivoted to the fintech sector. The company, best known for its Dream11 app, has launched its personal money management platform Dream Money for early access.
The app, now available on the Google Play Store, allows users to invest in gold, fixed deposits, and track their spending. Moneycontrol first reported on the launch.
The move could help the Harsh Jain-led company diversify its business after it halted all paid contests on its flagship fantasy sports platform Dream11 on Friday. On the same day, President Murmu approved the Online Gaming Bill, which bans all forms of online money games, including fantasy sports, poker, rummy, and lotteries.
The Bill, passed by both Houses of Parliament, makes participation, operation, or promotion of such games a punishable offence with jail terms of up to three years and fines of up to ₹1 crore, with harsher penalties for repeat offenders.
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Union Minister Ashwini Vaishnaw called online money games as a “public health risk”, citing losses of ₹20,000 crore and harm to 45 crore people. The law is expected to significantly impact India’s $3.8 billion gaming industry and platforms such as Dream11 and MPL.
What We Know About Dream Money
Dream Money enables users to invest in digital gold through SIPs starting at just ₹10 daily or monthly, via a partnership with gold trading platform Augmont. It also offers fixed deposits from ₹1,000 without requiring a bank account, through collaborations with small finance banks like Suryoday and Shivalik, NBFCs such as Shriram Finance, and fintech partner Upswing, allowing anytime withdrawals.
In addition, Dream Money has tied up with SEBI-registered AI advisor Sigfyn to give users a consolidated view of their finances by linking bank accounts and investments across mutual funds, stocks, and ETFs.
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Dream Money enters a competitive space alongside apps such as Fi.Money, Jupiter, Moneyview, and Jar, which also offer gold SIPs and money management features.
Beyond Dream11, Dream Sports also runs FanCode, DreamSetGo, Dream Game Studios, and its philanthropic arm Dream Sports Foundation. Founded in 2008 by Harsh Jain and Bhavit Sheth, the company was last valued at $8 billion after raising $840 million in November 2021.
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