File picture: Dream11, one of the largest fantasy sports platforms, is backed by investors such as Tencent, Kalaari Capital and Alpha Wave Global, who have pumped in around $1.2 billion since 2014
| Photo Credit:
Hirurg
Venture funds and private equity firms such as Tiger Global, Kalaari Capital, Base Partners and others stand to lose substantial amounts on their investments in gaming firms with the government set to ban real money games.
The gaming sector’s five major companies, Dream11, Nazara Technologies, Zupee, Mobile Premier League (MPL) and Games24x7, have been backed by marque names in the venture fund industry and have collectively raised around $2 billion.
Dream11, one of the largest fantasy sports platforms, is backed by investors such as Tencent, Kalaari Capital and Alpha Wave Global, who have pumped in around $1.2 billion since 2014, when it raised money from Think Investments and Kalaari Capital. According to data provided by Tracxn, Kalaari Capital has pumped in over $10 million into the company, though it made a partial exit subsequently.
Smrita Singh Chandra, former VP Policy Communications at Dream11, wrote on LinkedIn, “the Promotion and Regulation of Online Gaming Bill, 2025, passed yesterday, criminalises platforms like Dream11, despite longstanding Constitutional protection for games of skill under Article 19(1)(g). I am surprised the Indian government chose to overlook the value this industry has created – India’s fantasy sports market is already $1.82 billion (2025) and projected to reach $5.05 billion by 2030. These aren’t just numbers, they reflect livelihoods, innovation in Indian sports, highly skilled jobs and a new generation of digitally empowered sports fans.”
Mobile Premier League (MPL) has received close to $396 million in funding from investors such as Peak XV Partners, Times Internet and Google Ventures.
Nazara Technologies raised $128 million in funding from Westbridge Capital, Sequoia Capital and Seedfund in 14 rounds.
Games24x7 received $108 million worth of investment in six rounds from investors such as Tiger Global Management, Raine and Malabar Investments.
Zupee has raised $122 million from ivnestors such as WestCap, Z47 and AJ Capital Partners.
Reacting to the passing of the Bill, Zupee spokesperson said, “Zupee remains fully operational and our players can continue to enjoy their games on the platform. In line with the new Online Gaming Bill 2025, we are discontinuing paid games, but our hugely popular free titles like Ludo Supreme, Ludo Turbo, Snakes & Ladders, and Trump Card Mania will continue to be available for all users for free.”
Published on August 21, 2025
