In a rude shock to Jio and Patanjali that are in the race for IPL2020 title sponsorship, fantasy cricket league platform Dream11 grabbed the title sponsorship rights.
While multinational conglomerate Tata Group and education technology company Unacademy were also in the fray for the rights, Dream11 had outbid them with a whopping quote of ₹222 crores.
The fantasy sports platform – a start-up pioneered by two Indian entrepreneurs – have made a bid for three years, subject to Vivo’s return next year. However, if Vivo does not return as title sponsors, the Dream11 will continue with the title rights for the next three years.
It can be noted that Vivo, the previous sponsors and BCCI postponed their partnership for one year due to the prevailing India-China border stand-off. However, the journey of Dream11 with IPL started last year itself as the legal betting app had signed as an official partner.
According to the official announcement made, Dream11 bid is 51% of what Vivo was paying the BCCI while the analysts claimed to be a decent bid considering the prevailing market conditions. Sources also speculated that the Board will bring two more official partners – Unacademy and Cred to the sponsorship table which would add Rs 80 crores.