'Done Everything by the Book':Dream Sports rules out layoffs as Harsh Jain backs good governance

Dream Sports co-founder and CEO Harsh Jain addressed concerns surrounding Enforcement Directorate (ED) investigations into online gaming and fantasy sports companies, asserting confidence in the organisation’s governance and compliance standards.

Without naming any companies that have recently faced raids, Jain emphasised that Dream Sports has “done everything by the book” and has no reason to be worried.

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It is to be noted that ED has been aggressively tightening its scrutiny of real-money gaming platforms, with WinZO becoming the latest major player to face severe action, after the agency arrested founders Saumya Singh Rathore and Paavan Nanda under the Prevention of Money Laundering Act (PMLA). The platform has been largely non-functional since December 2, with the ED freezing assets worth ₹505 crore and alleging the company manipulated game outcomes using a concealed PPP algorithm to generate illicit gains and block user withdrawals. This follows earlier enforcement pressure on other gaming firms, including Gameskraft, which has been locked in a high-profile legal battle over alleged tax evasion and discrepancies flagged by GST authorities.

As ED probes widen across the sector, Dream11’s leadership has sought to distance itself from the turmoil, saying the company has not been raided and remains confident in its compliance practices.

Responding to Storyboard18's query, Jain said the company is open to scrutiny if required by regulators. “If anyone has to probe, they will probe. And that’s okay. The government has the right to investigate if they find something wrong. Our job is to make sure we’re doing the right things , and we believe we have,” he stated, stressing that Dream Sports has maintained a “high degree of corporate governance.”

Jain also said the focus remains on protecting jobs and talent despite market pressures and rising operating costs.

“No layoffs,” he asserted, calling employees the company’s most important asset. “Why will I go into a war and throw my guns away? Our guns and bullets are our people.”

To optimise operational spending, Jain confirmed that Dream Sports is shifting its Mumbai office from BKC to Lower Parel. The move, he said, is aligned with current cost-rationalisation priorities and comes alongside cuts in marketing and benefits, but not workforce.

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Jain noted that employees hired during the company’s scale-up phase who want greater job stability are free to exit without penalty. “Whatever joining bonus lock-ins existed, we cancelled them. Whoever wants to walk out, walk out today, no hard feelings. We want only people who are fully in for the startup grind.”

Addressing future growth ambitions, Jain highlighted that Dream11 already reaches 20–30 million users monthly on its free-to-play platform, giving it an advantage over creator-led live engagement competitors struggling with audience “cold start.”

Brand ambassadors are not a priority in the near future given current financial discipline. “We can’t afford them,” Jain said, adding that scale and loyal users negate the need for aggressive marketing spends.

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On potential international expansion for its real-money gaming (RMG) products, Jain said RBI restrictions limit Indian entities from investing in overseas businesses considered illegal in India.

As Dream Sports navigates a challenging phase in the gaming ecosystem, Jain reiterated resilience and long-term focus: “To dig out of this $8–10 billion hole, the only way is to have enough people to build amazing things.”