Dream Sports Merges With Sporta Technologies; Shuns United States For India
As part of the process, it secured the approval of the Reserve Bank of India;
Dream Sports Merges With Sporta Technologies; Shuns United States For India
As part of the process, it secured the approval of the Reserve Bank of India
Dream Sports, the parent company of fantasy gaming platform Dream11, has shifted from Delaware, United States, to India through the reverse merger route.
It recently merged with its Mumbai-based firm Sporta Technologies.
A company spokesperson stated, “Dream Sports is leveraging tech to unlock the massive potential of India’s sports ecosystem. We have completed ghar waapsi and are now an India-domiciled business.”
This is among the recent examples of a new-age firm using the fast-track mechanism for cross-border mergers. Under the terms, a foreign holding entity can merge with its Indian subsidiary without clearance from the National Company Law Tribunal (NCLT).
Under the fast-track route implemented by the Government of India in September 2024, companies can seek the approval of the regional director of the Ministry of Corporate Affairs and bypass the NCLT, which takes months to process the formalities.
Meanwhile, the Tiger Global-backed Dream11 stated undertaking the reverse flip to “achieve cost savings from more focused operational efforts, leading to the consolidation of the group and elimination of inter-company transactions.”
Dream11 has also secured Reserve Bank of India (RBI) approval as part of the process.
