Tencent's quarterly revenue jumps 26% as gaming industry soars in India

Chinese gaming and social media giant Tencent, which backs Dream11, has accounted for a sur💃ge of 26% in quarterly sales as online gaming business soars in China and India during the pandemic.

Based on data from Refinitiv, Tancent’s🔯 revenue rose to 133.67 billion yuan ($20.5 billion) in the quarter at the end of December, even though the market expectations lay at 132.19 billion yuan. For the company, which offers a great deal of games and fantasy sports business in both China and overseas markets, including India, online games revenue grew to 39.1 billion yuan with profit rising to 175% in the same period to 59.3 billion yuan.

Recently, Dream11 CEO and co-founder Harsh Jain revealed that the company would no longer seek further investment from the Chinese Venture Capitalist☂s and staying true to his words, he secured the latest round of funding from TCV, Capital Partners, and Falcon Edge.

According to a July 2020 report ‘Business of Fantasy Sports’ published by the Federation of Indian Fantasy Sports and KPMG, the gross revenue of the fantaᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚsy sports market in✤ India was around $340.47 million in FY20 vis-à-vis around $131.64 million in FY19. Tencent Holding Pvt. Ltd have a huge role in play with their huge investment in the largest OFS company in India.