Quick Summary
- Harsh Jain holds ten stocks with ₹696.7 crore as of 2024.
- He is currently the XEO of Dream11 and Groww. His company, Dream 11, is presently worth ₹65,000 crore.
- Harsh won the AIMA Young Entrepreneur Award in 2022. He also won the IMPACT Person of the Year (IPOY) Award in the same year.
Table of Contents
Harsh Jain is the CEO and Co-Founder of Dream Sports and Dream 11. He identifies himself as a lifelong Manchester United, Mumbai Indians, and Indian Cricket Team fan. Harish is a pioneer of freemium fantasy sports in India. He is credited with redefining the way Indians engage with sports. Additionally, he served as the President of the Federation of Indian Fantasy Sports (FIFS), which helped create a regulatory framework for the industry.
Harsh Jain’s father, Anand Jain, is often referred to as Mukesh Ambani’s second brother because of their decades-old friendship that started during their school days. Jain’s father also served as a close confidante of Mukesh Ambani for over 25 years.
Currently, Jain handles two companies: Dream 11, which operates in the fantasy sports arena, and Groww, an online financial services platform offering investment opportunities.
Harsh Jain’s Educational Journey
Here are Harsh Jain’s education details:
- He attended Seven oaks High School in London between 2001 and 2003.
- He pursued a Bachelor of Science in Electrical Engineering from the University of Pennsylvania. The duration was between 2003 to 2007.
- Harsh also pursued his MBA from Columbia University in 2012.
Harsh Jain also became a fan of fantasy sports while studying in England. During an internship, he realized his true calling in entrepreneurship, which is how the Dream 11 founder’s education contributed to his business acumen.
The Rise of Dream 11
Dream11 is a fantasy sports app co-founded by Harsh Jain in 2008. It is also the first Indian gaming company to join the unicorn club and has grown significantly under Jain’s leadership.
The concept behind Harsh Jain’s Dream11was simple: to create a platform where sports enthusiasts could play their favorite sports through fantasy leagues.
- The process involves users selecting a virtual team of real players from various teams, typically participating in a particular match or tournament.
- Users earn points for their fantasy team based on the actual performance of these players during the match.
- At the end of the match, users with the highest points win cash prizes or other rewards.
Key milestones and growth statistics of Dream 11 include:
- The company has around 220 million users and 2,50,00,000+ registered users.
- It has streamlined 40,000+ hours of live content to date.
- Twenty-four sports brands have partnered with Dream 11 as of 2024.
- Dream11 won the Red Herring Global 100 Award on January 25, 2013.
- The company was among the top 10 most popular trends of 2018 in India.
- BCCI signed up Dream11 as IPL’s official fantasy sports partner in 2011.
- The company ranked #9 among India’s Great Mid-Size Workplaces in 2018.
- It was one of 42 innovative startups in Inc42’s 42Next list.
However, Dream 11 has also faced specific challenges despite these advancements. The major ones included:
- Dream11 overcame initial legal scrutiny in India. The company secured judgments from both the Punjab and Haryana High Court and the Supreme Court, affirming its classification as a “game of skill” rather than gambling.
- The company faced a setback when Google removed it from the Play Store due to policy violations. This occurred after the platform introduced paid contests. This highlighted the need for strategic adjustments in distribution channels to ensure compliance with platform regulations.
Diversifying into Fintech with Groww
Harish Jain launched Groww, a direct mutual fund distribution platform, in 2017. He did it with his friends, Lalit Keshre, Neeraj Singh, and Ishan Bansal. Their goal was to simplify the process of buying financial products in India, which had previously been slow, complex, and opaque in nature.
Jain is an avid enthusiast of sports, gaming, and technology. His experience in building successful platforms, such as Dream11, influenced his decision to enter the fintech industry.
Groww’s growth trajectory has been impressive since its inception. Some key features include:
Funding Rounds:
- Seed funding from CureFit founders Mukesh Bansal and Ankit Nagori, along with Y Combinator.
- Sequoia India led the $6.2 million Series A funding, which included participation from Y Combinator, Propel Venture Partners, and Kauffman Fellows.
- Series B funding of $21.4 million from Ribbit Capital, Sequoia India, and Y Combinator.
- Series C funding of $30 million led by YC Continuity, with participation from existing investors Sequoia India, Ribbit Capital, and Propel Ventures.
- Tiger Global Management led Groww’s $83 million Series D funding, which made Groww a unicorn. Existing investors Sequoia Capital India, Ribbit Capital, YC Continuity, and Propel Venture Partners also participated.
- Series E funding of $251 million, led by ICONIQ Growth, with participation from Alkeon, Lone Pine Capital, and Steadfast. Existing investors Tiger Global, Sequoia Capital India, and Propel Venture Partners also participated.
Diversification and Expansion :
- Diversification into derivatives trading became a significant revenue contributor for Groww, with the F&O business accounting for nearly 80% of its income in FY23.
- Groww acquired Indiabulls asset management business, which was rebranded as Groww Mutual Fund. This acquisition led to a 15-fold growth in active customers and the introduction of new fund offerings (NFOs).
Market Leadership and Growth :
- Surpassed Zerodha to become the largest brokerage company in India. Accounted for the most active investors on the National Stock Exchange (NSE) in September 2023. Acquired over 6.63 million active clients.
- Continuous growth in active clients, with a 49% increase to 7.6 million in December 2023.
- Becoming the largest online distributor of mutual funds in December 2023, with 1 million new SIP accounts.
Financial Performance:
- Achieving profitability in FY23, with a net profit of ₹448.8 crore on a revenue of ₹1,277.8 crore.
- Significant increase in fee income, including broking, to ₹1,204 crore in FY23
Future Plans:
- Aim to offer more financial products to solve customer needs over the next three to five years.
Harsh Jain’s Net Worth and Financial Insights
Harsh Jain’s net worth is $8 million (approximately ₹67 scores). It means his monthly salary is around ₹33 lakh.
Here are the financial insights of his companies, Dream 11 and Groww.
Dream 11:
- Net profit surged by 32% to ₹187.83 crore in FY23.
- Operating revenue recorded a remarkable 66% increase to ₹6,384.49 crore in FY23.
- Total income witnessed a 62% rise. It reached ₹6,580.84 crore in FY23.
Groww:
- Achieved a net profit of ₹448.8 crore on a revenue of ₹1,277.8 crore in FY23.
- A rise in net profit of ₹73 crore in FY23 from ₹6.8 crore in the previous year.
- Fee income, including broking, increased to ₹1,204 crore in FY23.
- 85% of the company’s revenue in FY23 came from the broking business.
- Reported a return on net worth (RoNW) of 13.2% in FY23.
Harsh Jain’s Influence and Contributions to the Industry
Harsh Jain’s influence and contributions to the industry are notable. He has changed the world of fantasy gaming and fintech in India. Here are some aspects highlighting his influence and contributions:
- Innovation and Entrepreneurship: The Dream 11 co-founder played a pivotal role in pioneering the fantasy gaming industry in India. His entrepreneurial vision and innovative approach transformed Dream11 into one of the leading fantasy sports platforms.
- Legal Advocacy and Regulation: Jain’s efforts in securing legal validation for Dream11 as a game of skill rather than gambling were instrumental in establishing regulatory clarity for the fantasy sports industry. This paved the way for the industry’s growth and legitimacy.
- Simplifying Investing: Harsh Jain Groww aimed to simplify investing by providing a user-friendly platform that makes investing accessible. His contributions to fintech have empowered millions of Indians to start investing in financial markets.
Harsh Jain’s Path to Success
One lesson that everyone should learn from Harsh Jain is not to let yourself down despite facing rejection. The co-founder of the online betting app Dream11 implemented this lesson in his life, which ultimately led him to become the king of India’s largest fantasy sports website. However, it was not easy for Jain to secure investors for the company. Yet, with his efforts, he succeeded in making Dream11 the first gaming unicorn in India.
Harish’s interest in fintech also led him to establish Groww. This financial services platform is also performing well, experiencing positive growth in FY23. Hence, Jain’s success serves as encouragement for budding entrepreneurs, inspiring them to overcome obstacles and achieve their aspirations.
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Frequently Asked Questions:
What education did Harsh Jain receive?
Harsh Jain’s education took place in India and abroad. He studied for the International Baccalaureate at Sevenoaks High School between 2001 and 2003. He then got a bachelor’s degree in electrical engineering, mathematics, and economics. The Dream 11 co-founder studied at the University of Pennsylvania in Philadelphia between 2003 and 2007. He also went to Columbia Business School to get an MBA in New York in 2012.
How did Harsh Jain start Dream11, and what was the inspiration?
Harsh Jain did an internship with Microsoft during his college days, which is when he became interested in fantasy sports. In 2008, the idea of Dream 11 struck him and fellow co-founder Bhavit Sheth. This happened when the Indian Premier League (IPL) launched in India. Harsh had already been playing EPL fantasy football for seven years, which encouraged him to start to Dream 11 with Sheth in the same year.
What are the key features of Groww that distinguish it from competitors?
Harsh Jain’s Groww has a user-friendly interface and features. This makes it stand out among other investment platforms. Some key differentiators include:
Zero brokerage for mutual funds
Fractional shares for users in different companies
Responsive and helpful customer service
Multiple investment options, like mutual funds and stocks
Zero fees for opening demat accounts
How has Harsh Jain’s leadership style impacted his companies?
Harsh Jain has a strong belief in his vision. He also focuses on relentless work ethics. This has laid the foundation for what would eventually become Dream11. It has now become a pioneering platform in the world of fantasy sports. Harsh also believes that partnerships can be broad for internal and external teams. This leadership style of the businessman has positively impacted his companies.
What is Harsh Jain’s net worth, and how has it evolved over the years?
Harsh Jain’s net worth is $8 million (approximately ₹67 score). He receives around ₹33 lakh monthly salary. His company, Dream 11’s annual revenue accounts for ₹65,000 crore. His evolution is aligned with the same company’s growth. The company had 100 million users in 2020. Currently, it has around 200 million users. This is also an important factor that led to the evolution of Jain’s net worth.
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