- Dream11 has made a three-year winning bid to bag the IPL (Indian Premier League).
- According to the reports, Dream 11 beats edtech startup Byjus to win IPL 2020 sponsorships.
- Dream 11 has made an average bid of Rs234 crores for three-years
Fantasy sports platform Dream11 is the new title sponsor of IPL 2020 with an average bid of Rs234 crores for three-years. Dream11 has made an average of Rs234 crores for the next three-years IPL (Indian Premier League).
According to the reports, Dream11 beats edtech startup Byju’s and Unacademy for the IPL title sponsorship by paying 50% less than Vivo (mobile manufacturing company).
Dream11, a sports tech startup, was founded in 2008 by two fellow Indian entrepreneurs Bhavit Sheth and Harsh Jain. Dream11 is a fantasy platform that allows users to play fantasy cricket, hockey, football, kabaddi, and basketball. In 2019, Dream11 became the first Indian gaming company to enter the ‘Unicorn Club’.
Furthermore, The company winning bid is as follows: Rs 222 Crores for the first year that is IPL 2020, Rs 240 crore for year two, and Rs 240 crore for year three, for an average bid of Rs 234 Crores per year.
Dream11 got the IPL title sponsorship at 50% less than Vivo paid. Vivo is the current original title sponsors for the IPL 2020, they have committed to pay Rs 2199 crore for 5 years, starting from 2018. That comes to an average bid of Rs 440 crores per year.
But due to geopolitical tensions between India and China, Vivo decided to pull off from the title sponsors of IPL 2020, which will be happening in the United Arab Emirates (UAE) this year.
Moreover, IPL Chairman Brijesh Patel said,”In the given circumstances, we are happy with the deal. These rights are only for four months and only for this edition of the IPL,”
It’s a win-win situation for both BCCI and Dream11 because BCCI was worried about the good sponsor deal, and since Vivo suddenly backed off, Dream11 was having the best opportunity to grab the deal at 50% less amount.
Dream11 is already a big unicorn company and had already they are associated with IPL teams and ICC (International Cricket Council). Although the company is getting investments from the Chinese conglomerate Tencent.
IPL 2020 was scheduled to begin on March 29, But due to the COVID-19 outbreak, it was canceled and has now rescheduled to start from September 19, 2020, in the United Arab Emirates (UAE).
If you want to grow your startup, Reach IndianStartupNews on Instagram