India, April 1 -- Dream11's Homecoming

Dream11 has returned to the Indian shores. Caught between GST woes and a potentially long tax bill, Dream11 has leveraged the government's fast-track reverse flip mechanism to relocate from the US to India.

Why The Flip? The move would help it reduce compliances, simplify overall group structure, trim costs related to inter-company transactions and bring efficiency to its operations. However, Dream11 could also be looking to list on the Indian bourses, having pulled back from its $1.5 Bn US listing three years ago.

A Not-So-Cushy Return: Moving back to India could cost Dream11 a fortune, as it could be staring at a hefty tax bill. For context, PhonePe paid INR 8,000 Cr while Groww shelled out INR ...