Dream11 is the new title sponsor for the Indian Premier League (IPL) 2020 after Chinese smartphone-maker Vivo's exit. The fantasy cricket league platform outbid companies like Tata Sons, Unacademy and Byju's to bag the sponsorship deal for the cash-rich league. IPL 2020 will be called Dream11 IPL.
Significantly, Chinese company Tencent has an estimated 11 per cent stake in Dream11, which bid Rs 222 crore for sponsorship rights.
Vivo and BCCI postponed their partnership for a year amid anger and protests in India over Chinese investments after the border clash with China in Ladakh.
The IPL starts on September 19 in the UAE after being delayed over the coronavirus.
The Mumbai-based company has been associated with cricket since 2008.
The Dream11 Fantasy sports league is a pay-to-play platform in which the player selects a 'dream' side for a fee. A part of the fee goes to the prize pot, a part to Dream11. The winner gets a prize pot.
The platform was founded by Harsh Jain and Bhavik Patel. Harsh Jain is son of Anand Jain, a close business and family associate of Mukesh Ambani.
The company sponsored the Otago Volts in the first Champions League. It also sponsored the last season of the New Zealand Super Smash and the T10 Vincy Premier League in the Caribbean in May.
Dream11 had signed on MS Dhoni as a brand ambassador and has sponsored BCCI and ICC events in the past.
There are some 30-odd fantasy platforms with brand ambassadors like Virat Kohli and Virender Sehwag, Dream11 is seen to be the biggest among them.