Dream11 looks to enter online rummy
The fantasy sport giant, flush with funds, is in talks with multiple rummy startups in a bid to expand its real-money gaming lines.
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Editor's note: For many years now, online rummy in India has made decent money, been caught up in multiple regulatory fights and not received as much attention as other real-money gaming verticals, especially from big-ticket investors. That could be changing soon. According to two people in the know, who asked not to be named, fantasy sport company Dream11 is in talks to acquire an online rummy company and enter the space. Valued at more than $8 billion in its latest funding round this year, Dream11 dominates fantasy sport and is the most prominent real-money gaming startup in India. At the same time, companies like RummyCircle, Ace2Three and Rummy Passion have witnessed substantial growth, since even before the pandemic. Venture capital firm Matrix Partners, for instance, had exited Ace2Three with a return of 20x of their original investment a couple of years ago. Games24x7, the company that runs RummyCircle, generated Rs 1,417 crore in revenue from operations and Rs 351 crore in profit after tax in 2019-20, the latest fiscal year for which filings are available. According to industry executives, the majority of …
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