Sharma said he plans to build his own venture focused on AI which he has been working on in stealth mode since last month
He was also the cofounder of Dream Play, which analysed users’ game play in sports like Padel and was shut last month within two years of its launch
Sharma’s exit comes at a time when Dream Sports is charting its next course after the Centre’s ban on real money gaming last year
Dream Sports CTO Amit Sharma has quit after a decade-long stint to pursue his own venture as the Dream11 parent figures out its own next innings.
In a post on LinkedIn, Sharma said he plans to build his own venture focused on AI. According to his profile, he has been working on the new startup, which is currently in stealth mode, since last month.
Sharma joined Dream Sports in 2016 and built the startup’s technology team almost from scratch. Prior to that, he worked in engineering roles at Netflix and Yahoo in the US.
Notably, Sharma was also the cofounder of Dream Play, which analysed users’ game play in sports like Padel and provided personalised recommendations for improvement. It was shut last month within two years of its launch.
Sharma’s exit comes at a time when Dream Sports is charting its next course after the Centre’s ban on real money gaming last year brought an abrupt end to its popular fantasy gaming offering through its Dream11 app.
Following the ban, Dream Sports pivoted to fintech, content and sports infrastructure businesses. While Dream11 was transformed into a watch-along platform where users can follow gameplays of prominent content creators, Fancode operates a sports OTT platform. It also operates SaaS platform Dream Horizon.
Overall, Dream Sports’ new avatar spanned eight verticals. However, two of them have been shut as they failed to gain traction. The company decided to wind up its wealthtech offering ‘Dream Money’ recently. The company had been banking on its large user base in Tier II & III markets to capture first time investors in the crowded and competitive fintech segment.
However, its stock broking platform Dream Street, which was launched earlier this year, continues to remain operational. It follows a hybrid model that combines AI-powered data insights and market guidance from SEBI-registered analysts.
Besides the business challenges, Dream Sports is also facing GST dues of more than ₹20,000 Cr. In a blow to the company, the Supreme Court, earlier this year, upheld the tax authorities’ move to impose a 28% retrospective GST on real money online gaming companies over the full face value of bets placed through their platforms.
