Dream11 launches money management app amid real-money gaming ban
What's the story
Dream Sports, the parent company of popular fantasy sports platform Dream11, is piloting a personal money management app called 'Dream Money.' The new app lets users invest in gold and fixed deposits (FDs) as well as manage their spending. This move comes after the company suspended paid contests on Dream11 due to the Indian government's new online gaming law.
App features
Users can invest in gold, FDs
Dream Money allows users to invest in gold or start a Systematic Investment Plan (SIP) daily or monthly, with investments starting from as low as ₹10. The app has partnered with Augmont, a digital gold trading platform, for this feature. It also offers FD investments starting at ₹1,000 without the need for a bank account and allows withdrawal anytime.
Partnerships
Partnerships with fintech firms for various services
Dream Money's FD feature is powered by a partnership with Upswing, a fintech start-up that provides an open finance-as-a-service platform. The app offers FDs from small finance banks such as Suryoday Small Finance Bank, Shivalik Small Finance Bank, and non-banking finance companies such as Shriram Finance. It also partners with SEBI-registered AI investment advisor Sigfyn to help users track their spending, income, and investments in one place by linking bank accounts.
User benefits
Financial insights and recommendations for users
Dream Money also provides daily and monthly financial insights, smart recommendations based on users' cash flow, and analysis of their assets and trends. The app is part of Dream Sports's efforts to diversify its offerings after the gaming ban. The company had previously launched a UPI payments app called DreamX in March 2023 with Pine Labs but had to shut it down later due to an RBI directive.
Company profile
About Dream Sports and its financials
Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports was last valued at $8 billion after a funding round in November 2021. The company witnessed a 66% jump in its operational revenue to ₹6,384.49 crore for FY23, up from ₹3,841 crore in FY22. Apart from Dream11, it also owns FanCode (a sports content and commerce platform), DreamSetGo (a sports experiences platform), and Dream Game Studios (a mobile game development unit).