MPL is potentially a strong competitor in the mobile gaming industry as it is a versatile platform that caters to a large audience base which transcends through all age groups and interests.

While Dream11 is the clear leader in the fantasy sports space in India, there are many other platforms as well that provide similar services.

Kheloo is a place designed for serious cricket lovers, targeting fantasy cricket game that can cater to the masses.

WinZO Games, which caters to the gaming needs of all 1.3 billion Indians due to its availability in 12 languages, has a chance to be a clear winner in the underserved non-metro stakes by leveraging regional diversity.

The Indian mobile gaming industry is home to some giant players and it is very competitive too, who are offering games on such a basis that the user should not be bored and there should be something available for all types of user groups. In this study, we analyze the strategic positioning, business models(mobile, fantasy application, hyper-casual,skill gaming and win-earn applications), market penetration, unique value propositions of four major platforms – MPL (Mobile Premier League), Dream11, Kheloo, and WinZO Games. The report will also include the largest startups and their valuations and leadership, providing more contexts around how these markets operate.

Overview and Core Offerings

MPL (Mobile Premier League):

Established: DIIO by Sai Srinivas Kiran G and Shubh Malhotra in 2018

Business Model: Free with IAPs – real money gaming with multiple competitive formats including fantasy sports, arcade games, quizzes and other games.

Unique Selling Proposition: various game to choose from, real time plays, and cash prize

Valuation: $2.3 billion almost in the newest 2023 gathering of funding.

Also Read: Top 10 Paytm Cash Apps of 2024


Established- 2008 by Harsh Jain and Bhavit Sheth.

Revenue Model: Mainly based on fantasy sports leagues in which users draft rosters of actual players and compete against other users or a computer based on the actual performance of those players in real-life games.

Unique Selling Proposition – #1 fantasy sports provider in India backed by leading sports figures and official partner of high-profile sports leagues.

Current Valuation: $8 billion+ after last financing

Kheloo :

StartedIn : 2016 

Business Model: Fantasy cricket focused, like Dream11 but other sports and games also available.

USP: excellent football, top of the line user-experience and user-interface.

Valuation: Assumed ~ $250 million

WinZO Games:

Year of establishment: 2018 Founders: Paavan Nanda and Saumya Singh Rathore

Business Model: Multiple small size games platform for Tier 2 & 3 city along with regional language support.

Key differentiator: wide support for Indian languages; extensive line of regional games that are attractive to non-metro audience.

Valuation: ~$350 million based on the last reported numbers.

Also Read: 15 Must-Try Games for Indian Gamers

Market Reach and User Base

With that strategy and the backing of celebrity investors, MPL has scaled quickly with a user base that now extends into Southeast Asia. Known as a company with the largest user base among fantasy sports platforms In India due over 100 million registered users by Dream11, it has been resulted by early mover advantage and actively advertising. The similarities and contrasts are many, as Kheloo mainly caters to cricket buffs whereas WinZO focuses on a larger audience in multiple languages.

Business model and revenue sources

Both MPL and WinZO Games work on a model which provides several games, where the companies make revenue via entry fees, in-app purchases and ads In comparison, Dream11 and Kheloo is essentially focusing on fantasy sports models are Consumer to business play and their revenue comes through entry fees for Contests built on top of these games which is a miniscule amount of 5% only. Dream11, on the other hand has diversified with addition of new sporting categories and e-sports in its lineup.

Competitive Industry and Innovation Benefit

MPL is pioneer in its state owned proprietary technology for live gaming giving users a seamless gaming experience across various formats on both applications. Dream11 Dream Be a part of the Winner! by increasing the stickiness, retention and LTV of your users across their gaming experience using our advanced data analytics technology. Kheloo is focussed on creating the most intuitive user interface and delivering personalized experiences by understanding user behaviours. On the other hand, WinZO Games has set itself apart by focusing on low bandwidth optimization of games, which it claims allows these to be played even in regions with poor internet connectivity.

Expansion and Strategic Moves

MPL competes globally, especially in Southeast Asia, where it has been aggressive about using the same strategy to tap demand outside its home country that the company hopes will help them succeed in one of world’s fastest-growing mobile gaming markets. It has built its base in India and sees it as an important platform going forward, while it was set to evaluate other cricketing countries and will undertake the methods used by Paytm. Currently, both Kheloo and WinZO Games are looking to expand within India, with WinZO using a deeper concentrate on local language content for everybody minds.

Takeaway: Every platform has its strengths and targeted strategies, driving the competitive ecosystem within Indian mobile


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