Dream11 Moves Domicile From US To India

Dream Sports Inc., the parent company of Dream11, has moved its headquarters from the US to India. 

This development comes months after the company introduced a fast track reverse merger process.

In January, the Dream11 India board approved a special resolution to merge Dream Sports Inc. with Sporta Technologies Private Limited, as per a filing with the Registrar of Companies.

All shares of Dream Sports Inc. will be transferred to Sporta Technologies (Dream11 India) as part of the merger.

Read also- Logistics startup Shadowfax Converts To Public Entity Ahead Of IPO

“Dream Sports is leveraging tech to unlock the massive potential of India’s sports ecosystem. We have completed a ‘ghar waapsi’ and are now an Indian domiciled business,” the company said in a statement.

A new amendment last year allowed for a faster merger process under Section 233 of the Companies Act, 2013, which skips NCLT approval for certain cross-border mergers, provided RBI approval is obtained.

Meanwhile, the Director General of Goods and Services Tax (DGGI) has issued a demand notice of Rs 1.12 lakh crore to Dream11 and other gaming companies, imposing a 28% tax on player collections.

This is higher than the usual 18% tax on revenue. After several appeals, the Supreme Court granted temporary relief by staying the GST notices for online gaming companies.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.