In a momentous turn of events, the highly acclaimed fantasy gaming platform Dream11 has emerged victorious as the lead sponsor for the revered Indian cricket team, securing the rights with an astounding bid of INR 358 Cr. Credible sources, cited in The Economic Times, have confirmed this groundbreaking news, revealing Dream11’s unrivaled position as the sole serious contender in a fiercely competitive tendering process that saw only two companies vying for the coveted sponsorship. If finalized, this landmark deal will grant Dream11 the exclusive privilege of showcasing its logo on the national team’s front jerseys for the next four years, extending its reign until 2027.
The Board of Control for Cricket in India (BCCI), the governing body of the Indian cricket team, had set the sponsorship’s base price at INR 358 Cr. However, official confirmation from either the BCCI or Dream11 regarding the specifics of the sponsorship agreement is yet to be disclosed.
Dream11’s triumph heralds the end of edtech giant BYJU’S tenure as the team’s lead sponsor. Earlier this year, BYJU’S terminated its contract worth $35 Mn for front jersey rights with the BCCI. Despite having the option to extend the deal until November 2023, BYJU’S opted to withdraw. Notably, the BCCI reportedly earned around INR 5.5 Cr for bilateral fixtures and INR 1.7 Cr for ICC games through its transaction with BYJU’S.
Industry experts attribute the lack of interest from potential advertisers to certain restrictions imposed by the BCCI, even after the board reduced the sponsorship’s base price. The tender guidelines explicitly barred brands from categories such as crypto, betting, athleisure, and real-money gaming platforms. However, the bidding process allowed fantasy sports gaming platforms to participate, thus providing Dream11 with an opportune moment to enter the fray.
Cricket enthusiasts can eagerly anticipate the unveiling of new jerseys adorned with the prominent Dream11 logo during the forthcoming series against the West Indies, slated to commence on July 12. This monumental sponsorship is poised to offer the Indian cricket team a significant financial boost and invaluable branding opportunities.
It is noteworthy that Dream11 already boasts several Indian cricketers as its brand ambassadors. Operating in a 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’s profit narrowed by nearly 57% YoY 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 under the umbrella of its parent company, Dream Sports, which offers a diverse portfolio of products encompassing fantasy sports, experiences, events, and more.
As the specifics of the contract remain undisclosed, cricket enthusiasts eagerly await the official announcement from both the BCCI and Dream11, poised to embark on an exciting new chapter in the Indian cricket team’s sponsorship journey.
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