Dream11 fantasy sports platform posts profit of Rs 181 crore in fiscal year 2020
Dream11, an online fantasy sports game company, reported a profit of Rs 181 crore in fiscal year 2020. This makes it one of the few Indian mainstream tech unicorns to ever go profitable. He had recorded a loss of Rs 87.8 crore in fiscal year 2019.
Mumbai-based Dream11, which is managed by Sporta Technologies Private Limited, reported its revenue for fiscal year 2019-2020 at Rs 2,130 crore, an increase of 166% from last fiscal year, according to regulatory documents from the Tofler business intelligence platform. The company’s net profit increased 236 percent from the prior year. The company’s total expenses for the year were reported at Rs 1,868 crore, up from Rs 934 crore the previous year.
“The company has increased revenue and unit price achievement by deploying innovative marketing strategies and offering new and exciting products,” the company said in the documents. “The depth of design capabilities has been at the heart of our success over the years. “
Beauty and fashion retailer Nykaa, which filed a draft red herring prospectus for an IPO last month, is the other large consumer-focused company that reported a profit of Rs 62 crore at during the year 21.
Dream11 relied heavily on advertising on various platforms to drive downloads and spent Rs 1,328.02 crore on advertising and promotion, up from Rs 785 crore in the previous fiscal year.
Its spending on employee benefits jumped to Rs 153.21 crore in FY20. Spending on information technology increased 5.7 times to Rs 230.5 crore during the year. exercise 20.
Dream11 had declared that it is the largest fantasy sports platform in the world with over 110 million users playing fantasy cricket, soccer, kabaddi, basketball, hockey, volleyball. -ball, handball, rugby, futsal, American football and baseball. The company was valued at $ 5 billion when it closed a $ 400 million secondary financing led by TCV, D1 Capital Partners and Falcon Edge Capital in March of this year, nearly doubling its valuation in nearly six months.
Rival Mobile Premier League (MPL), Asia’s largest esports and skill-gaming platform, lifted its Legatum Capital-led Series E funding round this month to a pre-valuation. – $ 2.3 billion currency. This made it India’s second-largest gaming or startup unicorn valued at over $ 1 billion, after Dream11.