Dream11 Wins Bid at Rs. 222 crores, Acquires IPL 2020 Title Sponsorship

While all cricket fans are excited about the upcoming Indian Premier League (IPL) in September 2020 amid Coronavirus, something surprising has popped up yet again. Dream 11 has acquired the title sponsorship for the tournament this year. Yes, this fantasy cricket league gaming platform is the new title sponsor. Amid the pandemic, the Indian Premier League has been moved out of India to the United Arab Emirates (UAE). It starts on September 11, 2020.

This came after BCCI started looking for a new title sponsor after Vivo withdrew its contract following the public backlash against Chinese companies due to the ongoing tension between India and China. Dream11 outbid other competing platforms like Byju’s and Unacademy. Multinational conglomerate, Tata Group, didn’t participate in the sponsorship race this year.

About Dream11

Dream11 is co-founded by Harsh Jan and Bhavit Sheth. It introduced fantasy sports in India. It is also a member of the Fantasy Sports Trade Association (FSTA) and is the founding member of the Indian Federation of Sports Gaming (IFSG). Dream11 has attracted investment from Steadview Capital, Kalaari Capital, Think Investments, Multiples Equity and Tencent.

In 2019, Dream11 became a start-up worth billion dollars when it raised $60 billion in a funding round led by hedge fund Steadview capital. It is one of the few start-ups in India with a closing revenue or Rs. 70 crores in the financial year 2019.

The famous Mahendra Singh Dhoni is the brand ambassador of Dream11. The company also launched a media campaign during the Indian Premier League (IPL) 2018 called ‘Dimag se Dhoni’. For the Indian Premier League (2019), Dream11 signed up seven cricketers across various teams. It also partnered with seven IPL franchises as part of its multi-channel marketing campaign.

In 2018, Dream11 announced its partnership with International Cricket Council (ICC), Pro Kabaddi League, International Hockey Federation, etc. In 2017, Dream11 partnered with three leagues in cricket, basketball and football. It went onto become the official fantasy partner for Hero Caribbean Premier League, Hero Indian Super League and National Basketball Association (NBA).

It has been involved with philanthropy. According to a recent report, Dream11 Foundation pledged Rs.3 crores over a period of 3 years to support an athlete support programme called Stars of Tomorrow.

Dream11’s Winning Bid of Rs. 222 Crore

Dream11 bagged the title sponsorship with a winning bid of Rs. 222 crores. It beat Byju who bid Rs. 201 crores and Unacademy who bid Rs. 171 crores. Vivo revoked its five-year deal signed in 2018 worth Rs. 2199 crore. BCCI earned about Rs. 440 crores a season with their sponsorship.

Dream11 Chinese Connection

Not many know that Dream11, too, has a Chinese connection. Chinese internet giant Tencent Holding Ltd as one its financial backers. It also became India’s first gaming start-up to be valued at over $1 billion.

Conclusion

Dream11’s sponsorship can be a valuable asset to the Indian Premier League (IPL) this year. Here’s to hoping an amazing tournament this year with all our favourite players and teams.