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Tag: Dream11

  • ‘Come back home’: This Indian CEO presents jobs to these laid off by Twitter, Meta

    Silicon valley is present process a significant overhaul with huge tech corporations firing workers. Twitter, Meta, Netflix, Coinbase, Robinhood and others have already laid off a significant chunk of their workforce. Now studies counsel that Amazon could quickly be a part of the checklist of corporations shedding workers.

    Indians kind a significant chunk of workforce within the US Silicon Valley. With the layoffs, the way forward for H1B visa holders stays unsure as they’ve to search out one other job within the subsequent 60 days. In case they fail to take action, they could need to return again to India.

    Amidst all this, an Indian firm is providing jobs to those that have misplaced their jobs within the US lately.

    In a collection of tweets, Harsh Jain – CEO and co-founder of Dream Sports has invited Indian workers to affix his firm. For the unversed, Dream Sports Group contains names like Dream 11, Fancode, Dream Capital, DreamSetGo and others.

    “With all of the 2022 Tech layoffs (52,000+!) within the US, please unfold the phrase to remind Indians to come back again dwelling (specifically these with visa points) to assist Indian Tech realise our hyper-growth potential within the subsequent decade!,” Jain wrote in a tweet.

    With all of the 2022 Tech layoffs (52,000+!) within the US, please unfold the phrase to remind Indians to come back again dwelling (specifically these with visa points) to assist Indian Tech realise our hyper-growth potential within the subsequent decade! 🇮🇳 🇮🇳 🇮🇳 (1/3)

    — Harsh Jain (@harshjain85) November 7, 2022

    In one other tweet, Jain stated that his firm is ‘profitable’ and is a ‘$8 billion co’ with greater than 150 million customers and ‘10 kickass portfolio companies’. He went on to ask individuals to advocate somebody they know who ‘fits the above’ and that they will attain out to the corporate at [email protected].

    He added that his firm is ‘constantly looking for great talent, specially with leadership experience in design, product and tech.’

    According to Layoffs.fyi, which tracks the trade, about 100,000 tech jobs have been reduce this yr. The checklist contains huge names like Microsoft, Netflix, Twitter, Amazon, Walmart, Robinhood, Ford, and TikTok within the US. While others like Apple Inc. and Alphabet Inc.’s Google have both frozen hiring or stated they’re re-evaluating staffing wants because the breakneck progress that the tech trade has loved fades amidst the rising rates of interest and inflation.

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  • India vs South Africa 1st T20I Predicted Playing XIs: Who will get in to captain Rishabh Pant’s beginning lineup?

    Ind vs SA 1st T20 Playing XI Prediction: With KL Rahul and Kuldeep Yadav dominated out of the collection on the night earlier than the primary match, newly appointed captain Rishabh Pant and the suppose tank would’ve had near 24 hours to rethink their enjoying XI.

    A complete of eight gamers, together with the complete time captain Rohit Sharma, who featured in India’s final T20I collection towards Sri Lanka in March are lacking from the squad towards South Africa. The guests, South Africa alternatively haven’t performed a T20I for the reason that World Cup final 12 months and have nearly the identical squad for the collection with the exceptions of Wayne Parnell, Tristan Stubbs, and Marco Jansen.

    On the matter of group’s mixture, Rishabh Pant stated the group will probably be taking a name on who replaces KL Rahul because the opener. Ruturaj Gaikwad, who’s the one designated opener apart from Ishan Kishan within the squad, is more likely to get a go.

    South Africa skipper Temba Bavuma additionally talked about that he’s more likely to transfer on the high of the order within the collection. But with Reeza Hendricks, Quinton de Kock, Rassie van der Dussen and Aiden Markaram all current within the squad, it stays to be seen how the captain will accommodate himself up the order.

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    As far because the bowling division is worried, India have the ominous Hardik Pandya bowling at full tilt again within the combine. India are more likely to line him up with a 3 man tempo assault consisting of Harshal Patel, Bhuvneshwar Kumar and Avesh Khan. Umran Malik may need to attend for his India cap.

    “People who have come first, we’ll try to give them early chances then we’ll decide how to go from there,” Pant had stated on Wednesday.

    The proper arm-left arm duo of Yuzvendra Chahal and Axar Patel may be the spin assault India select for the primary T20I in Kotla.

    South Africa have quick bowling riches of their squad, with the addition of Marco Jansen.

    Pitch report: The wicket appeared surprisingly inexperienced on Tuesday, however numerous the grass was trimmed by the point the group arrived to coach on Wednesday. They usually tend to go forward with Anrich Nortje, Kagiso Rabada and all-rounder Dwaine Pretorius as their pacers coupled with the spin duo of Keshav Maharaj and Tabraiz Shamsi.

    Squads:

    India Squad: Rishabh Pant(WK/C), Ruturaj Gaikwad, Ishan Kishan, Shreyas Iyer, Hardik Pandya, Dinesh Karthik, Axar Patel, Bhuvneshwar Kumar, Harshal Patel, Avesh Khan, Yuzvendra Chahal, Deepak Hooda, Venkatesh Iyer, Arshdeep Singh, Ravi Bishnoi, Umran Malik

    South Africa: Temba Bavuma(c), Quinton de Kock(w), Reeza Hendricks, Rassie van der Dussen, Aiden Markram, David Miller, Dwaine Pretorius, Kagiso Rabada, Keshav Maharaj, Anrich Nortje, Tabraiz Shamsi, Wayne Parnell, Lungi Ngidi, Heinrich Klaasen, Marco Jansen, Tristan Stubbs

    Predicted XI:

    India: Ruturaj Gaikwad, Ishan Kishan, Shreyas Iyer, Hardik Pandya, Rishabh Pant (WK/C), Dinesh Karthik, Axar Patel, Harshal Patel, Bhuvneshwar Kumar, Avesh Khan, Yuzvendra Chahal

    South Africa: Temba Bavuma (c), Quinton de Kock (wk), Reeza Hendricks, Rassie van der Dussen, Aiden Markram, David Miller, Dwaine Pretorius, Keshav Maharaj, Kagiso Rabada, Anrich Nortje, Tabraiz Shamsi

  • Dream11’s proprietor raises ₹6,248 cr

    Dream Sports, which owns fantasy sports activities platform Dream11, on Wednesday mentioned it has raised $840 million ( ₹6,248 crore) from Falcon Edge, DST Global, D1 Capital, Redbird Capital and Tiger Global at a valuation of $8 billion

  • Dream Sports raises $840mn funding from Falcon Edge, others at $8bn valuation

    Sports tech firm Dream Sports on Wednesday mentioned it has raised USD 840 million (about Rs 6,252.2 crore) in funding, led by Falcon Edge, DST Global, D1 Capital, Redbird Capital, and Tiger Global at a valuation of USD 8 billion.
    The spherical additionally noticed participation from current buyers like TPG and Footpath Ventures, making it amongst the most important investments globally within the sports activities tech sector, a press release mentioned.
    Dream Sports has manufacturers similar to Dream Capital, FanCode, Dream11, DreamSetGo, Dream Game Studios, and DreamPay in its portfolio. Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream Sports is headquartered in Mumbai and employs near 1,000 folks.

    Dream Sports, with an current consumer base of 140 million Indian sports activities followers, is engaged on constructing a sports activities ecosystem that features sports activities content material, commerce, experiences, fan engagement (together with sports activities gaming and e-sports), Web 3.0 options, fantasy sports activities, and health tech. Earlier this yr, Dream Sports had introduced a corpus of USD 250 million by means of its CVC and M&A arm, Dream Capital.
    Dream Capital has constructed an preliminary portfolio of 10 firms, largely specializing in thematic early-stage investments in India, together with, Fittr, SoStronk, KheloMore, and Elevar.
    Dream Capital is now increasing its sports activities, fan engagement, and health portfolio in India and globally, the assertion mentioned.
    “Our vision and mission is to create an entrepreneur-led virtuous cycle of investment, innovation, and wealth creation for all stakeholders in the sports ecosystem, from fans to athletes, teams, and leagues. Our investors have deep experience in developing sports ecosystems globally, and we are fortunate to have their guidance to ‘Make Sports Better’ for 1 billion Indian sports fans,” Dream Sports Chief Executive Officer and co-founder Harsh Jain mentioned.

  • A breakdown of India’s fantasy sports activities business

    The craze for fantasy video games has skyrocketed after the entry of apps like Dream11 and My11circle. According to a Ficci-EY report, the Indian fantasy sports activities business is slated to the touch $2.5 billion in 2022. The business is rising at a CAGR of 32% and is anticipated to be price $3.7 billion by 2024. With a consumer base of round 90 million in 2019, based on a research by the Federation of Indian Fantasy Sports in collaboration with KPMG, the fantasy sports activities business is now producing revenues that no one would have imagined within the Super Selector period. With a lot cash coming in, it turns into very fascinating to know the incomes and taxability of revenue of all stakeholders.

    The income mannequin of those fantasy apps is pretty easy. The app/web site acts as an organizer for varied competitions categorized on the idea of quantity and individuals. For matching gamers, guaranteeing and organizing these competitions, the app/web site prices an entry payment, which is mostly 20% of the full quantity collected in a specific competitors. So, until adequate gamers haven’t participated in a contest, fantasy apps will all the time earn cash. Dream11 posted a 2.6x enhance in its income from operations to ₹2,070.4 crore in FY20 from ₹775.5 crore in FY19. It posted a first-time revenue of ₹180.80 crore in FY20, based on Entrackr. Almost all of those fantasy apps are at the moment in loss because it usually occurs in preliminary years as a result of enormous advertising, promoting and buyer acquisition prices.

    For taxation function, incomes from such competitions most often will likely be handled as winnings as per Section 115BB of the Income Tax Act. The provisions of the Act are strict relating to revenue from winnings. Such revenue will likely be taxable at a flat price of 30%, added by surcharge (if relevant) and 4% cess. Users can not set off or carry ahead any loss from winnings and no loss from winnings might be set off in opposition to some other revenue. The advantage of fundamental exemption restrict of ₹2.5 lakh, which is offered in regular instances, will even be not out there. And lastly, one can not even declare entry charges as expense to deduct it from revenue from winnings.

    Taxes in any kind are vital for the federal government. In case of direct taxes, the federal government will get the entire quantity of revenue tax paid by customers and such platforms. If revenue of any consumer is greater than ₹10,000, the fantasy platform ought to deduct tax and deposit it with the central authorities instantly. The customers can declare credit score of such TDS (tax deducted at supply) from their tax legal responsibility. The authorities acquired TDS on winnings in FY19 to the tune of ₹93 crore, which had elevated to ₹250 crore by FY20. The quantity might have been increased if customers who have been incomes lower than ₹10,000 in an FY had additionally deposited tax with the federal government. In case of Indirect taxes, GST funds on providers supplied by platforms will likely be shared by the central and state authorities most often. GST collections from such platforms additionally elevated 2.6 instances in FY20 to about ₹445 crore from ₹166 crore in FY19 in accordance Indiatech. Apart from taxes, these fantasy platforms have not directly generated ₹2,600 crore income for ancillary industries as effectively, together with cost gateways, know-how suppliers and so forth.

    The craze for fantasy video games shouldn’t be going to decelerate. Fantasy platforms have a very good future forward as video games apart from cricket are additionally gaining help from customers and the expansion alternatives are wonderful. But they’re problems with shopper dependancy, monetary dangers and being banned by some states. States similar to Assam, Andhra Pradesh, Odisha, Telangana, Nagaland, Sikkim and Karnataka have handed legal guidelines banning paid contests. Users ought to do a cost-benefit evaluation of taking part in such fantasy video games and take into account the authorized standing of the sport of their state. The authorities until now’s gathering taxes solely from customers as most of those platforms are working into losses. It ought to look to border tips and guidelines for the business in order that in future, platforms can not shift income or keep away from taxes once they ultimately develop into worthwhile.

    Kashif Ansari is assistant professor, Hans Raj College, Delhi University.

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  • Over 100 million Indians took to e-gaming in ’20

    NEW DELHI :
    The pandemic has come as an enormous boon for India’s gaming sector—the trade added greater than 100 million Indian customers over the previous 12 months, in keeping with a brand new report by KPMG.

    The variety of on-line avid gamers grew from near 300 million in 2019 to 433 million in FY20-21. Revenue too greater than doubled from ₹6,200 crore in FY19-20 to ₹13,600 crore in FY20-21.

    And whereas the limelight has been grabbed by real-money video games like poker and rummy, and on-line fantasy sports activities firms like Dream11, the expansion it appears has been led by informal video games. The KPMG report mentioned that income from informal video games, that are focused at mass audiences, amounted to ₹6,020 crore up to now monetary 12 months, whereas real-money and fantasy sports activities video games recorded ₹4,980 crore and ₹2,430 crore income, respectively.

    “India had the best sport downloads within the informal cellular gaming section on the planet (excluding China) in 2020 with Q1-Q32020 downloads standing at 7.3 billion accounting for 17% of the worldwide cellular sport downloads (roughly 43 billion, excluding China) throughout the identical interval,” the report mentioned.

    The progress in Indian gaming has been nicely documented over the previous 12 months. In January, cellular gaming firm Octro mentioned its TeenPatti sport noticed an astonishing 800% progress final 12 months and was being performed by over 150 million gamers on the time. South Korea’s Krafton Inc. mentioned its upcoming sport Battlegrounds Mobile India acquired over 20 million registrations this month. Battlegrounds Mobile India is the alternative for fashionable battle royale sport PUBG Mobile, which was banned in India final 12 months. Registrations started on 6 May.

    Growth is being pushed by growing smartphone and web penetration, however the report famous that a rise in provide of world class gaming titles, localized content material and new options have additionally helped. It mentioned that the covid-driven lockdown final 12 months was the “tipping level” for gaming in India.

    However, whereas the general on-line gaming section did develop, most avid gamers in India nonetheless use cellphones to play video games. Mobile telephones accounted for 94% of the person base within the nation, with PC and console accounting for 9% and 4%, respectively.

    “This is essential as a result of traditionally many of the gaming used to occur on laptops and PCs globally, whereas India has bypassed this era,” mentioned Girish Menon, companion and head, media and leisure, KPMG.

    The report pegged the worth of India’s on-line gaming section at ₹13,600 crore, and mentioned that it’s going to develop at a compounded annual progress charge of 21% to ₹29,000 crore, within the subsequent 5 years.

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  • How winnings on fantasy sports activities apps like Dream11 and MPL are taxed

    The development of fantasy video games primarily based on cricket is skyrocketing. The business may very well be value $3.7 billion by 2024, in line with a report by the Federation of Indian Fantasy Sports (FIFS) and KPMG.

    Courts rulings that fantasy sports activities are video games of abilities has prompted new gamers to hitch the business.

    In the present season of the Indian Premier League (IPL), If you’re taking part in fantasy sports activities on apps resembling Dream11, My11Circle, Mobile Premier League (MPL), or Paytm First Games, your winnings are taxable.

    Fantasy sports activities are video games the place gamers assemble digital groups primarily based on statistics of real-life gamers.

    The particulars of taxation are coated underneath Section 115BB of the Income Tax Act. It mentions that winnings from lotteries, crossword puzzles, races, or card video games will probably be taxable. The winnings are thought of as ‘revenue from different sources’.

    Players do not get any deduction for expenditure. When calculating the tax, it would not matter the amount of cash you paid to take part within the sport. The tax is on the quantity received.

    Suppose you had participated in a fantasy sport by paying ₹1,000 and received ₹10,000. The tax will probably be on the profitable quantity ( ₹10,000). You can not deduct the ₹1,000 that paid to take part.

    Also, in case you lose two video games and received one, you’ll nonetheless must pay the tax.

    According to the Dream11 web site, A tax of 30% is deducted at supply when a consumer wins greater than ₹10,000. The remaining quantity (after tax deduction) will get credited to the Dream11 account as ‘winnings’. Users additionally get a TDS certificates if they’ve verified their PAN card.

    The tax deduction at supply by the fantasy sports activities corporations will probably be mirrored in Form-26AS.

    Dream11’s web site additionally states that the corporate excludes money bonus which it affords when calculating TDS.

    (Do you could have private finance queries? Send them to [email protected] and get them answered by business specialists)

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  • Vivo might switch IPL title rights; Dream11, Unacademy in competition

    Image Source : IPL MEDIA IPL trophy
    Chinese cellular manufacturing firm Vivo, which had suspended its IPL title sponsorship rights for 2020 version, is eyeing an exit from the Indian Premier League by transferring its rights to bidders, which can embody fantasy gaming platform Dream11 and edu-tech start-up Unacademy.

    Dream11 had been the IPL title sponsors for the 2020 version, profitable the rights for Rs 222 crore, which was practically half (Rs 440 crore) of what Vivo was paying yearly for a five-year deal.

    It is known that within the prevailing state of affairs when Sino-India geo-political relations are in a delicate state, Vivo understands that it is not prudent to proceed the affiliation with two years nonetheless left.

    “It’s almost final that Vivo will exit the IPL title sponsorship deal by mutual consent with the board. It was suspended for the 2020 edition. However there is a clause which allows them to transfer their pending liabilities as one-time title sponsors on the new winner. If board agrees on principle, it can happen,” a senior BCCI supply informed PTI on situations of anonymity.

    With IPL set for 9 or 10-team growth in 2022, it’s anticipated that the brand new bidder will get at the least a three-year title sponsorship rights.

    “Dream11 and Unacademy will place their offers to Vivo. Unacademy in any case is an associate sponsor and they are ready to offer a higher amount in order to acquire the rights from Vivo,” an trade insider monitoring developments stated.

    It is learnt that MPL, which is Indian staff’s package sponsors will not be allowed to bid for title sponsorship as Dream11 has been a title accomplice and can get what they name in sponsorship parlance “category exclusivity”.

    BCCI brass expect {that a} clearer image would possibly emerge by the weekend as soon as Vivo will get a concrete last provide.

    “Look, Vivo paid approximately Rs 440 crore (Rs 2190 crore for 5 years). Now if BCCI invites bids, just like last year when Dream11 paid Rs 222 crore, it might increase but can’t be doubled. But if there is a transfer of rights, the old amount could be matched or even bettered,” the supply stated.

    The IPL can have a mini-auction on February 18 in Chennai with a most of 61 slots up for the grabs.

    “Since the title rights transfer will take some time, the Vivo logo is expected to be used during the February 18 auction.”

  • GKH Vs GGC Dream11 Prediction, Team, Top Picks, Bangabandhu T20 Cup 2020 Final Preview

    Gazi Group Chattogram will take on Gemcon Khulna in the finals of the Bangabandhu T20 Cup. The GKH vs GGC match is scheduled to begin at 4:00 pm IST from the Sher-E-Bangla National Stadium, Dhaka on Friday, December 18. Here is a look at the GKH vs GGC match prediction, probable GKH vs GGC playing 11 and GKH vs GGC Dream11 team. 

    Both teams had earlier met each other in Qualifier 1 and it was Gemcon Khulna who comfortably won by 47 runs. Gazi Group Chattogram however, bounced back in the qualifier 2 versus Beximco Dhaka with an easy 47-run win over their opponents. In that match, GGC bowled out Beximco Dhaka for just 116 runs. Mustafizur Rahman led from the front, picking up 3 wickets for 3 runs. GGC chased down the target with five balls to spare and enter the final.

    GGC did defeat GKH twice in league stage, but they couldn’t repeat the same performance last time around. However, the final is a different ball game altogether and both teams will be well prepared to go all the way and lift the title. Fans can expect a really good contest between these two teams  

  • NEUFC Vs CFC Dream11 Prediction, Team News, Top Picks, Hero ISL 2020 Game Preview

    After being held to a draw following a thrilling encounter against Bengaluru FC, NorthEast United will square off against Chennaiyin FC in the Hero Indian Super League (ISL) on Sunday, December 13, 2020. Here is the NEUFC vs CFC Dream11 prediction, team news, schedule, preview and other details of the match.  Despite bagging an early lead, NorthEast United went on to concede twice in what could have been an epic comeback for Bengaluru FC in the Hero ISL. But Luis Machado netted the equaliser in the 78th minute to force a draw. NorthEast United are unbeaten in the competition this season, having managed two victories in five games. They sit third in the league table with nine points. NorthEast United: Subhasish Roy, Gurmeet Singh, Nikhil Deka, Gurjinder Kumar, Dylan Fox, Nabin Rabha, Nim Dorjee Tamang, Rakesh Pradhan, Sanjiban Ghosh, Wayne Vaz, Provat Lakra, Pragyan Gogoi, Khassa Camara, Fanai Lalrempuia, Benjamin Lambot, Imran Khan, Lalengmawia, Britto PM, Ninthoinganba Meetei, Kwesi Appiah, Federico Gallego, Rochharzela, Idrissa Sylla, Ashutosh Mehta, Suhair VP, Luís Machado, Lalkhawpuimawia, Mashoor Shereef Thankgalakath