Hurun Report 2025: Dream11, Gameskraft And Other RMG Startups Drop Out Of Unicorn League
Many RMG start-ups, including Dream11 and Gameskraft, have lost their Unicorn status after regulatory changes dented valuations.
India’s real-money gaming (RMG) sector is seeing a shake-up, with big names such as Dream11, Games24x7, Gameskraft, Mobile Premier League (MPL), Zupee and WinZO Games losing their coveted spots in the country’s elite start-up league.
According to the latest ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025, many RMG companies that once had billion-dollar valuations have now dropped out of the Hurun Unicorn, Gazelle and Cheetah rankings.
The annual report, compiled by the Hurun Research Institute, tracks high-growth Indian start-ups and classifies them as Unicorns (valued at $1 billion or more), Gazelles (valued between $500 million and $1 billion and likely to turn Unicorn within three years) and Cheetahs (valued between $200 million and $500 million and expected to hit Unicorn status within five years).
RMG Startups That Lost Unicorn, Gazelle, Cheetah Status
Dream11: Founded in 2008, Unicorn dropout
Games24x7: Founded in 2006, Unicorn dropout
Gameskraft: Founded in 2017, Unicorn dropout
Mobile Premier League (MPL): Founded in 2018, Unicorn dropout
Zupee: Founded in 2018, Gazelle dropout
WinZO Games: Founded in 2018, Cheetah dropout
Online Gaming Bill Puts RMG Giants Under Pressure
The Promotion and Regulation of Online Gaming Bill, 2025, has introduced rules to create a single set of regulations for India’s gaming industry. The legislation draws a clear line between games of skill and games of chance, mandates a central licencing system, and tightens norms on advertising, taxation and user protection.
These measures have taken a toll on the valuations of India’s real-money gaming (RMG) platforms. Dream11 (260 million users), Games24x7 (120 million), Gameskraft (30 million), Mobile Premier League (90 million), Zupee (150 million) and WinZO Games (250 million) “now face higher costs to follow the rules, tougher tax requirements, and limits on promotions, slowing down their growth,” states the report.
Long-Term Outlook
Though the bill is expected to build greater trust and long-term stability in the sector, it has dampened investor confidence in the short term.
Anas Rahman Junaid, founder and chief researcher at Hurun India, said, “Stricter licencing, tax obligations and compliance costs have dented short-term growth prospects. Yet, in the long run, these measures will enhance trust and transparency in the sector. Adaptability will decide which companies sustain leadership under this new regulatory regime.”
For RMG Unicorns and those aspiring to join their ranks, swift adaptation and strict adherence to the new rules will be key to sustaining their market standing.
