RMG Continues To Bleed, Blinkit Bags INR 600 Cr & More

The RMG Churn Goes On

The churn in the now-defunct real-money gaming (RMG) sector continues. Beleaguered giant Junglee has slashed its workforce by a third, Dream Sports is pivoting to SaaS, and regulatory crackdown is showing no signs of letting up. So, what’s happening in India’s gaming graveyard?

Dream Sports’ Pivot: The gaming giant is open-sourcing its core tech stack, HorizonOS, under its new SaaS vertical. HorizonOS will offer tools for faster development, testing, and deployment at scale. With this, the Dream11 parent aims to earn money while helping startups focus on their core products rather than infrastructure bottlenecks.

Junglee Axes Jobs: Amid the RMG implosion, which crushed the $12 Bn sector overnight, Junglee parent Flutter has laid off 350 employees. The remaining 600 people will either be redeployed to its Hyderabad GCC or moved to support the new free-to-play model. This came as Flutter’s bottom line took a hit in Q3 2025, as it incurred an impairment charge of $556 Mn (INR 5,000 Cr) due to the new gaming laws. 

Regulatory Clampdown Continues: As if this were not enough, the Delhi HC has now ruled that assets linked to online cricket betting can be treated as ‘proceeds of crime’ and seized by the Enforcement Directorate. The order comes close on the heels of ED, in a separate case, freezing assets worth INR 523 Cr linked to WinZO, Gameskraft and Pocket52 over allegations of manipulating game outcomes and misusing KYC documents. 

As regulatory and financial headwinds continue to stifle growth in the sector, will Dream Sports’ open-source push help startups thrive in the post-RMG era? Let’s find out…

From The Editor’s Desk

💰 Eternal’s Booster Shot For Blinkit

• Eternal has infused another INR 600 Cr in its quick commerce business. With this, the parent company has infused more than INR 2,600 Cr in Blinkit so far this year. 
• The latest cash infusion will help the quick commerce major cover operating losses and working capital needs, while scaling aggressively. Blinkit is targeting 2,100 dark stores by the end of 2025, and is also doubling down on inventory-led operations.
• This comes as quick commerce giants continue to raise funds in droves. Zepto recently bagged nearly INR 4,000 Cr in a round led by US pension fund CalPERS, while Swiggy, too, is preparing to launch a QIP to raise up to INR 10,000 Cr.

📈 AdvantEdge’s Maiden Fund Scores Big

• Buoyed by a partial exit from Rapido worth about $28 Mn, the VC firm’s maiden fund reported an 11.5X MOIC and 3X DPI. The ride-hailing giant alone generated a 67% IRR and 111X return on its initial cheque.
• Launched in 2015, with a target corpus of about $11 Mn, ADV I focussed on early stage mobility bets. It backed 19 startups, including the likes of Chalo, Baaz, Zingbus, and Shuttl.
• AdvantEdge is now raising its third fund, with a $80–100 Mn corpus, targeting emerging electric vehicle (EV) players as India’s mobility sector surges on policy incentives and consumer demand.

💸 3ev Secures INR 120 Cr 

• The EV maker has raised fresh funding in its Series A round led by MGL to expand manufacturing and accelerate its charging and conversion divisions.
• Founded in 2019, 3ev is an electric three-wheeler and micro-mobility startup that designs, manufactures, and operates EVs for last-mile logistics. 3ev is now eyeing INR 65 Cr topline and a positive EBITDA margin in FY26.
• With 100+ startups in its kitty, the homegrown EV sector is projected to become a $132 Bn market by 2030. This has come largely on the back of a growing push for fleet electrification, government incentives and climate awareness.

🗄️ Reliance’s Big AI Data Centre Bet

• Reliance-backed Digital Connexion has committed $11 Bn by 2030 to build a 1 GW AI-native data centre campus in Andhra Pradesh’s Visakhapatnam. If realised, this will be one of the largest-ever digital infrastructure investments in the country.
• The campus will be designed specifically for AI and computing workloads, featuring renewable energy integration, advanced cooling technology and high-density racks to cater to hyperscalers, cloud providers, and large enterprises.
• This investment positions India as a strategic global hub for AI infrastructure, complementing initiatives by global giants like Google ($15 Bn in Vizag), Microsoft ($3 Bn expansion), and AWS ($12.7 Bn) amid surging AI adoption.

Inc42 Markets

Inc42 Startup Spotlight

Can Plenome Fix India’s Public Data Systems?

India’s health and public agencies handle huge amounts of sensitive data. Much of it sits on ageing systems that operate in silos. This creates gaps in care, weak security and limited trust among users. Enter Plenome, a startup that is trying to fix this problem.

Infra For Healthcare: Founded in 2023, Plenome Technologies has built a secure digital infrastructure for healthcare and governance. The startup has created tools such as Ashwin AI for voice-led data capture, BlockTrack for organ-donation records and BlockVote for remote voting. Each product enables consent-based and tamper-proof data sharing across hospitals, clinics and government bodies.

Tapping Into A Booming Market: Backed by funding from Ovington Capital Partners and AADI, Plenome is looking to capitalise on the growing Indian healthcare software market, which is expected to become a $3 Bn opportunity by 2030. As governments adopt decentralised and verifiable data models, Plenome is serving a large and fast-growing need for safe, interoperable and accountable digital systems.

Backed by its innovative blockchain-led approach, can Plenome fill the gaps in India’s healthcare infrastructure?

 Infographic Of The Day

Yes Madam delivered a strong comeback in FY25. Here’s a breakdown of its financial performance….