Is Dream11 parent on the way to discharge, as 95% revenue is hit amid Govt's Money Games? What co-founder Harsh Jain says

Dream Sports founder Harsh Jain confirmed that there would be no dismissal, despite Dream11’s shift to free games to the ban on the government-based online game. The company relies on a strong internal demand for talent on different platforms and adequate cash reserves to maintain operations for years. “We are not interested in dismissing. All the talent here is safe,” Jain said in an interview with MoneyControl on August 25. “We are interested in this talent to dig ourselves out of this hole. The only way to handle 95 percent of your income is to build new products you can earn in the future. It will always start with talent,” he added. Dream11 suspended all paid competitions on its Fantasy Sports platform on August 22 and focused exclusively on free online social games. This decision was driven by India’s new game law, which prohibits online game games in which players deposit money from winning prizes. According to the report, 95 percent of the current revenue of the company and all its profits from these cash -based competitions, which are now considered illegal, according to the report. “95 percent of Dream11’s turnover has disappeared overnight, and 100 percent of our profits …” Jain said. Strong demand for talent that has hard Jain said that Dream Sports has a strong internal demand for talent in its current businesses, such as the sports content and the trading platform, the sport experiences platform DreamSetgo, the Mobile Game Development Unit Dream Game Studios and the Fintech Venture Dream Money. There is also the demand for new products that the company intends to develop in the future. Jain also mentioned that the company in Mumbai has sufficient cash reserves to maintain its workforce and operations for several years, which he considers more than adequate. Dream Sports placed operational turnover of £ 6,384.49 crore for FY23 compared to £ 3.841 crore in FY22. What’s next? The company intends to focus all its efforts on sports -related occasions in India using artificial intelligence (AI), with particular emphasis on the creation economy. “We have sports content, trade, fan, analysis, sports performance and merchandise. All this will be disrupted by AI. And now I have 500 engineers I can assign to solve these problems,” Jain said. “We’ll start solving these problems for Indian sports lovers again,” he added.