Mumbai-based fantasy sports behemoth, Dream11, has reportedly acquired Sixer, a Delhi-based fantasy cricket stocks startup, for an undisclosed amount.
Founded in 2018, Sixer offers a unique gaming experience where cricket players are transformed into virtual stocks, which users can trade. The value of these virtual stocks fluctuates based on the players’ real-time on-field performances.
According to the Inc42 report, which first reported the development, Sixer has now become a part of Dream11, with its website and app reflecting the ownership and operation under Dream Sports, Dream11’s parent company. In June 2021, Sixer raised $3 million in funding from Bullpen Capital, Genting Ventures, and Velo Partners.
Sixer communicates about the acquisition to users
According to a Moneycontrol report, Sixer users received an official email from its founder, Amay Makhija, confirming the acquisition by Dream11.
“Our new partnership with Dream11 gives us the unique opportunity to elevate what we have built so far to unprecedented levels…Together with Dream11, the Sixer platform will experience accelerated growth and we will be able to provide even more exciting features for our community” the email read.
What does Sixer’s integration mean for its users and platform?
The acquisition is poised to bring about accelerated growth and the introduction of “even more exciting features” for Sixer’s platform and community, as per the email from Makhija.
According to media reports, The development is expected to enhance the user experience by leveraging the innovative platform that Sixer has developed, where the price of a player is determined by their batting, bowling, and fielding scores in each game, and users can earn real money by utilizing their game knowledge and portfolio-building skills.
How does this acquisition align with the current gaming industry scenario?
This acquisition comes amidst a challenging time for the online gaming industry in India, particularly with the recent imposition of a 28% Goods and Services Tax (GST) on online gaming.
Recently, A collective of notable investors, including Peak XV Partners, Tiger Global, DST Global, Bennett, Coleman & Company Limited, Alpha Wave Global, Chrys Capital, and Lumikai, sought intervention from the prime minister regarding the GST Council’s decision, expressing concerns about its potential to adversely affect anticipated investments of up to $4 billion over the forthcoming three to four years.
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