Dream11 online fantasy sports platform becomes IPL 2020 title sponsor after Vivo

Mumbai-based online fantasy sports platform Dream11, founded by two Indian entrepreneurs in 2008, has bagged title sponsorship rights for the much-awaited Indian Premier League (IPL) after Chinese smartphone company Vivo exited the space.

The Board of Control for Cricket in India (BCCI) earlier this month decided to officially announce the suspension of the partnership with title sponsors Vivo. The decision came amid border tensions with China that led to the death of 20 Indian soldiers in Eastern Ladakh, triggering nationwide outrage.

Founded by Harsh Jain and Bhavit Sheth, Dream11 has been a favorite of investors with the company raising over $100 million in funding in 2018 led by Chinese social media and video games giant Tencent Holdings Ltd.

For Dream11, cricket is the most popular sport on its platform constituting approximately 85 percent of its user base. Dream11, which now has over eight crore users, became the first Indian gaming company to enter the “Unicorn Club” in April 2019.

Besides Tencent, Kalaari Capital, Think Investments, Multiples Equity, and Steadview Capital are the marquee investors in Dream11. The platform, which allows people to play fantasy cricket, football, kabaddi, basketball and hockey, among others, is now facing some competition from other emerging players in the field.

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As per reports, the Dream11 sponsorship amount is Rs 222 crore. The duration of the sponsorship is until December 31. As of now, the IPL 2020 tournament would be played in the United Arab Emirates (UAE) from September 19 to November 10. But, if for any reason the tournament gets postponed further, then the Dream11 would still be valid until end of 2020.

Written with agency inputs

source https://www.bgr.in/news/dream11-online-fantasy-sports-platform-becomes-ipl-2020-title-sponsor-after-vivo-909742/

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