Dream11 Has Relocated Its Domicile from the USA to India
The parent company of Dream11, Dream Sports Inc., has taken the crucial step of relocating its domicile from the USA to India. This strategic move happens in conjunction with the announcement of a reverse merger that has been in the works for the last couple of months.
In January 2025, the board of Dream11 India passed a special resolution permitting the merger between Dream Sports Inc. and Sporta Technologies Private Limited under Section 233 of the Companies Act of 2013. As per the regulatory filings, this merger means that all the shares of Dream Sports Inc. will now be transferred to Dream11 India, thus completing the entire process under the amalgamation procedure.
In a statement made by Dream Sports: “Dream Sports is leveraging technology to unlock the massive potential of India’s sports ecosystem. We’ve now completed our ‘ghar waapsi’ and are officially an Indian domiciled business.”
This alteration comes on the heels of the Indian government announcing fast-track provisions for cross-border mergers, speedily aimed at streamlining mergers of foreign holding companies with their Indian subsidiaries without NCLT approval but with permission from the RBI.
Some canvass treats Dream11 as having been under a bit of a problem in the tax landscape of India. DGGI had served demand notices worth INR 112,000 crore on Dream11 and other gaming companies imposing a 28% tax on collections from players rather than 18% on revenue. Nevertheless, the Supreme Court of India, after several rounds of appeal, granted a temporary stay on the GST notices issued against these gaming companies.
Dream11 has not declared its results for FY24 as yet. However, for the fiscal year ended March 2023, it recorded an impressive growth of 66% on a year-on-year basis, with revenues touching Rs 6384 crore and profits standing at Rs 188 crore.
With this reverse merger, Dream11 has joined the list of companies including Zepto, Groww, and PhonePe, which have also relocated their domicile in India. Other firms set to make similar reverse flips include Flipkart, KreditBee, Pine Labs, Razorpay, and Meesho, thus rubberstamping India’s burgeoning identity as a hub for major tech and business operations.
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