Dream11, once India’s fantasy gaming juggernaut, has filed for regulatory approval with the Securities and Exchange Board of India (SEBI) to launch a full-fledged stock-broking platform, marking a dramatic pivot after losing 95% of its revenue to stringent real-money gaming regulations. Sources close to the development confirmed the Mumbai-based unicorn is positioning the new venture—tentatively branded "Dream Money"—as a discount brokerage to rival Zerodha, Groww, and Angel One, leveraging its massive 260 million user base to capture a slice of India’s booming retail investing surge.
The move follows the devastating impact of the Online Gaming Bill, which reclassified fantasy contests with cash prizes as taxable gambling activities, triggering a 28% GST on full contest value and forcing Dream11 to shutter its core paid leagues. CEO Harsh Jain, in a candid internal address, stated: “When 95% of your revenue vanishes overnight, the only path forward is reinvention.” The company has since shifted entirely to a free-to-play, ad-supported model, but internal projections show this covers less than 10% of prior earnings, pushing leadership to explore high-growth financial services.
Dream Money aims to offer zero-commission equity trading, demat accounts, mutual funds, and IPO access, with seamless onboarding via existing Dream11 logins. Backed by Tencent and Tiger Global, the platform will integrate gamified investing—think streaks, leaderboards, and micro-rewards—to convert casual users into active traders. A pilot tested with 50,000 users reportedly saw 18% open demat accounts within 48 hours, far above industry averages. The app will also feature AI-driven portfolio suggestions and bite-sized financial education, targeting Tier II and III cities where Dream11 already dominates user penetration.
Also Read: Cyclone Montha Roars Toward Andhra Coast; Thousands Evacuated Amid Flooding, Power Cuts
India’s stock market has exploded, with NSE adding over 40 million new demat accounts since 2020—yet only one in 12 Indians invests, leaving vast untapped potential. Dream11 views this as a “natural adjacency,” blending its tech prowess in user engagement with the $5 trillion wealth management opportunity. Unlike traditional brokers, it plans to monetize via premium analytics, margin funding, and insurance cross-sells, avoiding the race-to-zero on brokerage fees.
SEBI approval, if granted, could come by early 2026, with a soft launch targeted for Q1. Insiders say Dream11 has already onboarded former Zerodha and Upstox executives and is in talks with NPCI for UPI-powered micro-investments. The pivot isn’t just survival—it’s a bold bet to transform from a gaming app into a full-stack wealth platform, potentially valuing the new vertical at over $2 billion within three years.
Also Read: Rekha Gupta Leads Grand Chhath Puja at Yamuna Ghat, Seeks Blessings for ‘Viksit Bharat, Viksit Delhi’