Dream11 Business Model of a Free to Play Sports App
How Dream Sports runs Dream11 as a free to play sports app.
Key Takeaways
- FY25 revenue from operations was ₹6,759.3 crore, down 14.8% on FY24.
- Its FY25 net loss was ₹478.9 crore, against a profit of ₹1,295.3 crore in FY24.
- Dream11 stopped all paid contests on 22 August 2025 after the Act passed.
- Dream Sports raised $840 million at an $8 billion valuation in November 2021.
Table of Contents 9 sections
The Dream11 business model is now that of a free to play sports app run by Dream Sports. Until August 2025 it earned from paid fantasy contests, and it stopped all of them that month after the Promotion and Regulation of Online Gaming Act, 2025 passed.
Dream Sports reported FY25 revenue from operations of ₹6,759.3 crore and a net loss of ₹478.9 crore.
Dream11 at a glance
| What it does | Free to play sports app |
|---|---|
| Parent | Dream Sports |
| Founders | Harsh Jain and Bhavit Sheth |
| FY25 revenue from operations | ₹6,759.3 crore |
| FY25 net loss | ₹478.9 crore |
| Last funding round | $840 million at an $8 billion valuation, November 2021 |
What Dream11 does
Dream11 is an app run by Dream Sports, a company founded by Harsh Jain and Bhavit Sheth. Dream Sports also owns FanCode, a sports media business, and DreamSetGo, an experiential travel business.
Until August 2025 users paid to join fantasy contests. On 22 August 2025 Dream11 said it had stopped all paid contests and moved entirely to a free to play online social game. Dream11 announced on 27 August 2026 that it had completed its move to a sports engagement platform.
The Dream11 website lists Sporta Technologies Private Limited as its corporate entity, with its office in Worli, Mumbai. Dream Sports also launched a money app called Dream Money, which offered mutual funds, digital gold, fixed deposits and loans, and said it would close that app on 30 July 2026.
For Dream Money users, SIPs were set to be cancelled from 7 July 2026, digital gold could be redeemed until 15 July, and mutual funds could be redeemed through the app until 30 July, after which holdings sit directly with the asset management companies.
How Dream11 makes money
Dream Sports said the Online Gaming Act cost it about 95% of its revenue. With paid contests closed, Dream Sports said in September 2025 that the free to play app would run with ads and sponsorships.
Dream11 revenue and expenses in FY24 and FY25
Dream Sports reported consolidated revenue from operations of ₹6,759.3 crore in FY25, down 14.8% from ₹7,933.8 crore in FY24. Total expenses were ₹7,122.6 crore in FY25, up 8.5% from ₹6,562.4 crore.
The company reported a net loss of ₹478.9 crore in FY25, against a net profit of ₹1,295.3 crore in FY24. Advertising and promotional expenses were ₹3,912.6 crore in FY25. The FY25 result includes exceptional expenses linked to moving the company's domicile back to India.
Within FY25 revenue from operations, Dream Sports reported ₹258.8 crore from the sale of services and goods, down from ₹403.3 crore in FY24. Employee benefit expenses were ₹1,673 crore in FY25, against ₹1,030 crore in FY24.
The Dream11 journey so far
| When | What happened |
|---|---|
| November 2021 | Dream Sports raises $840 million at an $8 billion valuation |
| August 2025 | Dream11 stops all paid contests after the Online Gaming Act passes |
| July 2026 | Dream Sports says it will close its Dream Money app on 30 July |
| August 2026 | Dream11 announces it has completed its move to a sports engagement platform |
The November 2021 round was led by Falcon Edge, DST Global, D1 Capital, Tiger Global and RedBird Capital, and TPG and Footpath Ventures also took part.
Dream11 competitors and its sports space
After the Act passed, other real money gaming operators including My11Circle, MPL, Zupee and Gameskraft also shut their real money games. FanCode, owned by Dream Sports, streams sports content.
Recent changes at Dream11
The Online Gaming Act ended the paid contests that earlier produced most of the revenue. Dream Sports has closed or wound down some other units, including Dream Money.
Conclusion on the Dream11 business model
Dream11 is a sports app run by Dream Sports. Until August 2025 it earned from paid fantasy contests, and it is now free to play, and Dream Sports said in September 2025 that it would run with ads and sponsorships.
Dream Sports reported FY25 revenue from operations of ₹6,759.3 crore and a net loss of ₹478.9 crore.
