In a major development in the world of sports sponsorship, fantasy gaming platform Dream11 has emerged victorious in the bid for lead sponsor rights of the Indian cricket team, securing a staggering amount of INR 358 Cr. The Economic Times, citing reliable sources, reports that Dream11 was the sole serious contender in the highly competitive tendering process, which saw only two companies vying for the coveted sponsorship. If confirmed, this landmark agreement will grant Dream11 the exclusive opportunity to display its logo on the front jerseys of the national cricket team for the next four years, until 2027.
The Board of Control for Cricket in India (BCCI), the governing body of Indian cricket, had set the base price for the sponsorship at INR 358 Cr. However, no official confirmation has been made by either the BCCI or Dream11 regarding the details of the sponsorship deal.
Dream11 will be taking over the lead sponsorship position from edtech company BYJU’S, which had earlier terminated its contract worth $35 Mn for the front jersey rights with the BCCI. Although BYJU’S had the option to continue the deal until November 2023, the company chose to withdraw. The transaction with BYJU’S reportedly earned the BCCI approximately INR 5.5 Cr for bilateral fixtures and INR 1.7 Cr for ICC games.
Industry experts suggest that the lack of interest from advertisers, even after the BCCI reduced the base price, can be attributed to certain restrictions imposed by the Board. The tender guidelines prohibited brands from categories such as crypto, betting, athleisure, and real-money gaming platforms. However, fantasy sports gaming platforms were allowed to participate in the bidding process, enabling Dream11’s successful bid.
The eagerly anticipated new jerseys featuring the prominent Dream11 logo are expected to be unveiled during the upcoming series against the West Indies, which is scheduled to commence on July 12. Dream11’s sponsorship is expected to provide significant financial support and valuable branding opportunities for Indian cricket.
It is noteworthy that Dream11 already boasts several Indian cricketers as its brand ambassadors. Despite the challenging funding environment, Dream11 stands out as one of the few profitable new-age tech startups in India. In the financial year 2021-22, the company reported a YoY profit narrowing of nearly 57% to INR 141.97 Cr, while its operating revenue surged to INR 3,840.7 Cr from INR 2,554.3 Cr in the previous fiscal year.
Founded in 2008 by Bhavit Sheth and Harsh Jain, Dream11 operates as a subsidiary of its parent company, Dream Sports, which offers a diverse range of products in fantasy sports, experiences, events, and more.
As the precise details of the sponsorship contract have yet to be officially disclosed, cricket enthusiasts across the nation eagerly await the much-anticipated announcement from the BCCI and Dream11, anticipating an exciting new chapter in the sponsorship journey of the Indian cricket team.
Stay updated with the latest in the startup world through our Startup News and Funding Alert. Sections. Explore Founder Profiles, Startup Profile, Founders Interview, Success Stories. In-depth Insights articles, Resources, and How to. Follow us on Facebook, Twitter, Instagram and LinkedIn for regular updates.Note: We at The Entrepreneur india takes our ethics seriously. More information about it can be found here.