Dream11's parent completes 'ghar waapsi' after shifting domicile from the U.S.

Dream Sports, the parent company of fantasy sports platform Dream11, has completed a reverse merger to move its domicile from Delaware in the United States of America to India.

The company announced that it merged Dream Sports Inc. with its Mumbai-based entity, Sporta Technologies Private Limited, following a board resolution passed earlier this year. This transition is part of a broader trend of Indian startups "reverse flipping" their bases back to the home market.

Popular startups such as PhonePe, Zepto, and Groww have already done so, and several others, including Razorpay, Meesho, Pine Labs, Udaan, and Flipkart, are also considering similar moves.

Regulatory boost for reverse mergers

This relocation comes months after the Indian government introduced amendments to the Companies Act in September 2024 to fast-track cross-border mergers and amalgamations.

These new rules allow qualified mergers between an Indian subsidiary and its foreign parent to bypass approval from the National Company Law Tribunal, as long as the Reserve Bank of India gives its go-ahead.

Dream Sports said the shift will help it cut administrative costs, streamline operations, and eliminate duplication between its U.S. and Indian setups.

A company spokesperson described the move as a "ghar waapsi," highlighting that Dream Sports is now fully domiciled in India and aims to unlock the country's immense sports ecosystem potential.

Financial performance

Despite these regulatory hurdles, Dream Sports posted strong numbers in the fiscal year ended March 2023. It reported a 66% year-on-year increase in revenue from operations, reaching Rs 6,384.49 crore, while profits stood at Rs 188 crore.

Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports was valued at $8 billion in November 2021, when it raised $840 million from investors including Falcon Edge, DST Global, D1 Capital, Redbird Capital, Tiger Global, TPG, and Footpath Ventures.

The group’s portfolio also includes FanCode, DreamSetGo, Dream Game Studios, and the Dream Sports Foundation.