Fantasy gaming platform Dream11 has reportedly emerged as the lead sponsor of the Indian cricket team with a winning bid of INR 358 Cr. According to sources cited by The Economic Times, Dream11 was the “sole serious contender” in the tendering process, with only two companies participating. If confirmed, this deal will grant Dream11 the opportunity to display its logo on the front jerseys of the national team for the next four years, until 2027.
The base price of INR 358 Cr was set by the Board of Control for Cricket in India (BCCI), which governs the Indian cricket team. However, there has been no official confirmation from either the Board or Dream11 regarding the sponsorship agreement.
Dream11 will take over from edtech company BYJU’S, which terminated its contract worth $35 Mn for front jersey rights with the BCCI earlier this year. While BYJU’S had the option to continue the deal until November 2023, it chose to withdraw. The transaction with BYJU’S reportedly earned the BCCI around INR 5.5 Cr for bilateral fixtures and INR 1.7 Cr for ICC games.
Industry experts suggest that there was a lack of interest from advertisers, even after the BCCI lowered the base price, due 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 bid, enabling Dream11’s participation.
The new jerseys featuring the Dream11 logo are expected to be unveiled during the upcoming series against the West Indies, commencing on July 12. Dream11’s sponsorship is anticipated to provide enhanced financial support and branding opportunities for Indian cricket.
It is worth noting that Dream11 already boasts several Indian cricketers as its brand ambassadors. Despite the challenging funding environment, Dream11 remains 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.
Dream11, founded in 2008 by Bhavit Sheth and Harsh Jain, operates as part of its parent company, Dream Sports, which offers a range of products in fantasy sports, experiences, events, and more.
As the details of the contract are yet to be officially disclosed, cricket enthusiasts eagerly await the announcement from BCCI and Dream11, anticipating an exciting new chapter for the Indian cricket team’s sponsorship.
