Dream Sports, the parent company of fantasy gaming giant Dream11, reported a return to losses in FY25, primarily due to one-time costs linked to its long-anticipated reverse flip to India. The move—strategically important but financially heavy—underscores the growing trade-off Indian startups face between long-term regulatory alignment and short-term profitability.
Dream Sports, which operates Dream11 along with sports-tech ventures like FanCode and DreamSetGo, had remained profitable in recent years, benefiting from scale, strong cash flows, and a dominant position in the fantasy sports market. FY25, however, proved to be an exception rather than a reversal of fundamentals.
