MAM
MyteamRummy launched, a new offering for the fans from MyTeam11
MyTeam11-One of India’s leading fantasy sports platforms have stuck to their motto of innovating and offering their user base with something new as they announced the launch of MyteamRummy.
MyTeam11 which already has fantasy sports offerings like Cricket, Hockey, Volleyball, Basketball, Kabaddi, Football, Handball and Baseball also launched MyTeam11Quiz earlier this month, giving the users a new dimension on their platform. MyteamRummy will follow suit to become the second new offering coming from the Fantasy gaming giant in the month of April.
MyteamRummy will allow users to enjoy a 13-card rummy game with competitors from across the nation. The USP with which the game is being launched includes an INR 2000 Sign-up bonus for all the new users and INR 1000 bonus on each successful referral by an existing user. Moreover, if the user already has an existing MyTeam11 user ID he/she can use the same to sign-up with MyteamRummy.
Speaking about the launch of MyteamRummy, Vinit Godara, CEO and Co-Founder, MyTeam11 said, “MyTeam11 has grown slowly and gradually to become a prominent name in the online gaming ecosystem. An intriguing game like Rummy was the need of the hour and it was something our users were waiting for. To our advantage, Rummy doesn’t have a season and isn’t dependent on ongoing sporting events. With the addition of such a traditional game to our bouquet, MyTeam11 wants to tap a very potent user base who just wants to participate in online gaming for fun and entertainment.”
Mr Godara further added, “The ongoing COVID-19 situation has led to LIVE sports coming to standstill and has demanded innovations. Since the last four years, the brand has stuck to its core value of leading by example in product innovation and ensuring that our user base always has something to look forward to. I strongly believe that MyteamRummy will prove to be a great fit for people across the country.”
The decision to launch MyteamRummy was taken after thorough market research and further supplemented by key industry studies like KPMG’s report in 2019 and a report in 2020 on India’s Media & Entertainment Sector titled ‘The era of consumer A.R.T. – Acquisition Retention and Transaction’ by Federation of Indian Chambers of Commerce & Industry (FICCI) and consulting firm Ernst & Young (EY).
Both the studies predicted a steep growth in the online gaming industry over the coming years. The former estimated a compounded growth rate of 32% over a five year period approximated to a value of INR 25,000 Crores in FY24. The 2020 study by FICCI and EY, on the other hand, indicated a growth rate of 43% over the next 3 years approximated to a value of INR 18,700 Crores. In both cases, Rummy will have a pivotal role to play as the studies suggested.
The users can download MyteamRummy both from Myteamrummy.com and from the MyTeam11 application.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
