According to a report in Mint newspaper, the Tencent-, TPG-, and Tiger Global-backed unicorn has applied for a licence to enter the stock broking business. The move comes as Dream11 looks to leverage its massive user base of over 260 million to tap into India’s fast-expanding retail investment landscape. “The company is looking to capitalize on its captive user base from before the real-money gaming ban. Online equity broking is a natural adjacency,” the Mint reported added.
The government’s September ban on online money games effectively ended Dream11’s paid fantasy sports contests — its core revenue driver. In response, the company has since shifted to a free-to-play, ad-supported model, while exploring new business avenues to sustain growth.
The law aims to curb social and financial risks linked to online gambling, including reports of suicides among players who suffered heavy losses. Authorities had also raised concerns about online gaming platforms being misused for money laundering and terror financing.
The company’s move into stock broking follows recent reports of its plans to foray into wealth management, signaling a broader pivot towards financial services. In August, Dream11 CEO Harsh Jain told Moneycontrol that “the only way to deal with 95% of your revenue being gone is to build new products that you can monetize in the future.”
It remains unclear whether Dream11 intends to launch a discount broking platform similar to Groww or Zerodha, or opt for a full-service model, though one market participant suggested the company is likely leaning toward the discount route.Backed by marquee global investors including Tencent, Steadview Capital, Tiger Global, TPG, ChrysCapital, TCV, and Alpha Wave Global, Dream11 was last valued at $8 billion and has raised over $1.5 billion since its inception in 2008.