Cofounder and CEO Harsh Jain took to X, formerly Twitter, to share the announcement and thanked Indian users for the milestone
The breath of fresh air comes at a time when Dream11 has been slapped with an INR 28,000 Cr GST notice by the DGGI, Mumbai Zone
The growth in registered users for Dream11 has come on the back of the growing popularity of gaming in the country
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At a time when the entire online gaming space is crying havoc due to the Centre’s decision to levy a 28% GST regime, fantasy gaming unicorn Dream11 on Thursday (October 19) achieved the milestone of 200 Mn registered users.
Dream11 cofounder and CEO Harsh Jain took to X, formerly Twitter, to share the announcement. Thanking the country and the users, Jain also posted a countdown video, which featured the employees of the company erupting into applause on the completion of the feat.
“We’ve hit another massive milestone! @Dream11 now proudly has 200 Mn registered users!,” tweeted Dream Sports’ handle.
The breath of fresh air comes at a time when the entire ecosystem has been grappling with tax notices from enforcement authorities over the non-payment of GST dues. Dream11 itself has been slapped with an INR 28,000 Cr GST notice by the Directorate General of Goods and Services Tax Intelligence (DGGI), Mumbai Zone.
The fracas erupted after the GST Council, in July this year, imposed 28% GST on the gross revenue or total prize pool of online real money games. Subsequently, the Centre also promulgated changes to GST law to implement the GST Council’s diktat. Eventually, the amendments came into effect from October 1.
As a result, many startups have laid off employees in droves and many have even temporarily halted their operations.
Dream11, too, appears to have been bogged down in the challenges posed by the new taxation regime. Last week, Dream11’s parent company Dream Sports shut down its corporate venture capital (CVC) arm, Dream Capital, impacted by 28% GST.
The company also moved the Bombay High Court, challenging the show cause notice issued by the authorities for alleged GST evasion. On the other hand, the gaming unicorn has been streamlining operations while continuing to chase growth.
Dream11 recently acquired fantasy cricket platform Sixer for an undisclosed amount. In addition, it also launched its first cricket mobile game in India to cash in on the growing popularity of the ongoing ICC Cricket World Cup 2023.
The growth in registered users for Dream11 has come on the back of the growing popularity of gaming in the country. Growing internet smartphone and internet penetration, and higher access to gaming devices have led to a major growth explosion in the Indian gaming landscape.
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