Amid the ongoing troubles in the country’s real money gaming industry following the revision of GST rates, gaming unicorn Dream11 has acquired fantasy cricket platform Sixer.

“It’s my absolute privilege to announce that Sixer has been officially acquired by Dream11,” Sixer founder Amay Makhija said in an email to the platform’s users. Inc42 has reviewed the email.

“Sixer was founded in 2018 with the mission to transform the world of fantasy sports. Our objective is, and always will be, to provide customers with the most exciting and innovative experiences in fantasy sports. Our new partnership with Dream11 gives us the unique opportunity to elevate what we have built so far to unprecedented levels,” Makhija added.

Founded by Amay Makhija in 2018, Sixer is an online platform for cricket enthusiasts, offering a fantasy stock trading game centred around cricket players. It lets users create a player portfolio and witness their stock values rise or fall based on their real-life performance.

“From our earliest conversations, Dream11 has highly valued the cutting edge innovation that Sixer’s sports market brings and similarly believes that Sixer can be the future of fantasy sports,” Makhija added in the mail.

Dream11 declined to comment on the development.

A source aware of the development told Inc42 that the acquisition took place a few months ago but wasn’t announced then.

The development comes at a time when gaming startups in India are receiving show cause notices from tax authorities for alleged evasion of GST. The Directorate General of Goods and Services Tax Intelligence (DGGI), Mumbai Zone reportedly issued an INR 28,000 Cr GST notice to Harsh-Jain led Dream11 recently.

The problems began after the GST Council raised the tax imposed for real money games to 28% in July this year, which is now to be levied on gross revenue or total prize pool.

The amended provision came into effect from October 1.

Gaming Industry In Crisis

The revision in GST rate has hit the Indian online gaming industry, with companies worried about the higher rate hitting their user base and topline.

Earlier, industry insiders told Inc42 that the increase in GST would lead to a consolidation wave within the industry.

Following the GST Council’s decision, several gaming startups, including unicorns and soonicorns, also wrote to the central government seeking some modifications in the 28% GST regime for the greater good of the industry.

Sources told Inc42 that out of the 100-plus startups that appealed to the Centre to reconsider the tax policy, more than 20 to 25% were actively seeking acquisition opportunities. Some of these startups were said to be even prepared to make substantial concessions, with valuation cuts of up to 50 to 60%.

Meanwhile, the results of the new GST regime are already visible. Bengaluru-based Gameskraft recently discontinued its fantasy offering, Gamezy Fantasy. Other gaming companies like Quizy and Fantok have either ceased their operations entirely or temporarily suspended them as they navigate the evolving regulatory landscape.

Additionally, prominent players in the industry, including unicorn MPL (Mobile Premier League), Kavin Mittal-led Hike, and Spartan Poker, have sacked employees due to the impact of the GST Council’s decision.