Dream Sports, the parent company of fantasy sports platform Dream11, has piloted a new financial services application called Dream Money, marking the company's entry into the wealth technology sector.
The move comes after the company was required to shut down its money-based games following a government ban on all forms of online money gaming implemented last week.
According to a Google Play Store listing, the Dream Money app will offer gold investment options starting at Rs. 10 for daily purchases and fixed deposit services beginning at Rs. 1,000. The application is published under Dream Suite Platform Private Limited, operated by Dreamsuite, a subsidiary of Dream Sports.
The company's website indicates plans to launch a broader financial division called DreamSuite Finance, which will provide what the company describes as 'seamless financial services.'
Dream Sports, which achieved a valuation exceeding $8 billion in its most recent funding round, has been diversifying its business portfolio amid increased regulatory oversight of online gaming platforms. The company's current ventures span multiple sectors beyond Dream11, including Dream Set Go for sports travel and experiences, FanCode for event ticketing and merchandise, Dream Game Studios for game development, and the Dream Sports Foundation as its philanthropic division.
The launch represents Dream Sports' strategic pivot into financial technology as regulatory pressures continue to impact the online gaming industry in India. Furthermore, Dream Sports recently also confirmed that it won't be sponsoring the Indian Cricket team anymore due to the new regulations enforced by the government. The company is also feared to conduct mawss layoffs in the future as a large portion of its revenue came from its fantasy sports business.
