Dream11, Gameskraft, MPL among RMG firms losing unicorn status after ban

At least four RMG firms including Dream11, Games24x7, Gameskraft and MPL lost unicorn status after the gaming ban, while fintech players led the 11 new unicorns added in 2025

At least four real money gaming (RMG) companies lost their unicorn status after the enactment of the new online gaming act last month, which banned all forms of RMG such as ludo, poker, rummy and fantasy sports.

 

The affected companies include prominent names such as Dream11, Games24x7, Gameskraft and Mobile Premier League, according to data from the ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025.

 

Firms such as Zupee and WinZO Games, valued between $500 million–$1 billion and $200–500 million respectively, also saw their billion-dollar ambitions dented after the ban. 

Unicorns are start-ups with a valuation of $1 billion or more. 

The drop in valuation followed the shutdown of the core RMG business after the enactment of the Promotion and Regulation of Online Gaming Bill, 2025.

 

“It (RMG) was already high risk, but what happens because of regulatory surprises is that it dampens the confidence of the builders. It is very important to have a stable regulatory thought process for start-ups,” said Anas Rahman Junaid, founder and chief researcher, Hurun India, at a press briefing.

 

Previously, RMG companies had said that they were not consulted on the blanket ban on real money gaming products before the bill was introduced.

 

Fintechs dominate new unicorns

 

Meanwhile, India added 11 new unicorns in 2025, with fintech firms leading the pack. With these additions, India’s unicorn tally touched 73 in 2025.

 

The fintechs include Navi Technologies, Juspay, Vivriti Capital, Veritas Finance and MoneyView.

 

Other new unicorns include AI.tech, Rapido, Netradyne, Jumbotail, Darwinbox and Drools.

 

“Today, there is a huge amount of investment taking place in two big themes: defence and climate, becoming the biggest themes of the decade. Geopolitics, leaders becoming inward-looking and other challenges are throwing up a big opportunity in defence and deep tech, along with space tech,” said Rajesh Saluja, co-founder, CEO and managing director, ASK Private Wealth.

 

He added that there were opportunities for companies building infrastructure to support the growth of artificial intelligence (AI), including data centres.

 

The report said Zerodha, Razorpay and Lenskart were India’s most valuable unicorns, with valuations of $8.2 billion and $7.5 billion each, respectively.