Sports

Dream11 gets title sponsorship rights for IPL

New Delhi, Aug 18 (IANS) | Publish Date: 8/18/2020 9:42:40 AM IST

Mumbai-based online fantasy sports platform Dream11 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.
BCCI believes that awarding Dream11 the IPL title rights would not raise much eyebrows as it is “essentially” an Indian startup with “single-digit Chinese investment”.
Founded by Harsh Jain and Bhavit Sheth, Dream11 has been a favourite 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 per cent 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.
According to a recent study carried out by the Federation of Indian Fantasy Sports (FIFS ) in collaboration with KPMG in India, the Indian online fantasy sports (OFS) space has come a long way from its nascent stage in 2016 -17.

-Tags:#Dream11

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