Dream11 parent enters wealth management with Dream Money app

Dream Sports, the parent company of Dream11, has forayed into the wealth tech space with a new app, Dream Money. The developement comes soon after Dream Sports shut down real money gaming operations on Dream11 in compliance with the government’s ban on online games with monetary stakes.

Dream Money enables users to invest in 24K digital gold starting from Rs 10 and open fixed deposits from Rs 1,000. It has tied up with small finance banks such as Shivalik, Utkarsh, Slice, and Shriram Finance, among others.

The app also allows users to track expenses, income, and assets such as mutual funds and stocks by linking their accounts in collaboration with SEBI registered AI advisor Sigfyn and fintech platform Upswing.

Moneycontrol first reported the development. According to sources, the app has been running in pilot mode for a couple of months, and the company has yet to make an official announcement of the launch.

This is the second stint in fintech for Dream Sports. In 2023, it launched a mobile payments app called DreamX which offered UPI services in a co-branded arrangement with Pine Labs. However, the app was discontinued after RBI guidelines since it did not hold a PPI license. Entrackrexclusively reported the development then.

Following the ban on RMG platforms, Dream11 announced that it has fully pivoted to free-to-play online social games. The company is also expected to focus on scaling its non-RMG ventures such as Fancode, Sportz Drip, along with its investments in Cricbuzz and Willow TV.

It will be worth watching how other companies that have closed their real money gaming platforms react to the ban. With a long list of players including MPL, My11Circle, Zupee, Gameskraft, and Probo exiting the RMG space, many are likely to explore free-to-play formats or shift focus to other digital ventures to sustain their growth.