SUMMARY
Dream11 has replaced BYJU’S to become the new lead sponsor of the Indian cricket team's jersey in a deal that will span over three years
The previous deal with BYJU’S earned the BCCI around INR 5.5 Cr for bilateral fixtures and INR 1.7 Cr for ICC games
The tendering process initiated earlier this month barred crypto and real-money gaming platforms, however, fantasy sports platforms were allowed to bid
Update | July 1, 4:40 PM
The BCCI on Saturday (July 1) confirmed dream11
as the new lead sponsor of the Indian cricket team. In a statement, it said the fantasy gaming platform has won the rights for three years, as against four years reported earlier.
Dream11’s logo will debut on the national cricket team’s front jersey beginning the upcoming Test series against the West Indies.
“I congratulate Dream11 and welcome them on board again. From being BCCI’s official sponsor to now being the lead sponsor, the BCCI-Dream11 partnership has grown from strength to strength… I am confident that this partnership will help us elevate the fan engagement experience,” said BCCI President Roger Binny.
Reacting to the development, Dream Sports cofounder and CEO Harsh Jain said, “As a long-standing partner of BCCI and Team India, Dream11 is thrilled to take our partnership to the next level. At Dream11, we share our love for cricket with a billion Indian cricket fans, and it is a matter of pride and our privilege to become the lead sponsor for the national team. We look forward to continue supporting the Indian sports ecosystem.”
Original Story | July 1, 08:00 AM
Fantasy gaming platform Dream11 has reportedly bagged the lead sponsor rights of the Indian cricket team for INR 358 Cr.
Sources told The Economic Times that only two companies participated in the tendering process and the gaming startup was the ‘sole serious contender’ in the race. The rights will allow Dream11 to put its logo on the national team’s front jerseys for the next four years till 2027.
Curiously, INR 358 Cr was the base price set by the Board of Control for Cricket in India (BCCI), which oversees the Indian cricket team. There has been no official confirmation from either the Board or the gaming company.
Dream11 will take over the mantle from another new-age tech company, BYJU’S, which terminated its $35 Mn contract with the BCCI for front jersey rights in March this year. The edtech decacorn had the option to continue the deal with BCCI till November 2023 but decided against it.
The transaction with BYJU’S reportedly fetched the Board around INR 5.5 Cr for bilateral fixtures and INR 1.7 Cr for ICC games.
Industry experts told News18 that there was a ‘lack of interest’ from advertisers even after BCCI lowered the base price. The lukewarm response has largely been attributed to the diktats issued by BCCI while floating the tender, earlier this month, that barred certain brand categories from participating.
The prohibited categories included crypto, betting, athleisure, and real-money gaming platforms. However, fantasy sports gaming platforms were permitted to bid, which allowed Dream11 to participate in the tendering process.
The new jerseys featuring Dream11 logo are expected to be worn by the Indian cricket team during their upcoming series against the West Indies, beginning July 12. Dream11’s sponsorship is expected to bring renewed financial support and branding opportunities for Indian cricket.
It is pertinent to note that Dream11 already counts many Indian cricketers as its brand ambassadors. Despite the funding winter and adverse market conditions, Dream11 continues to splurge big as it is one of the few Indian new-age tech startups that is profitable.
However, the company’s profit narrowed nearly 57% year-on-year (YoY) to INR 141.97 Cr in the financial year 2021-22 (FY22). However, operating revenue soared to INR 3,840.7 Cr in FY22 from INR 2,554.3 Cr in FY21.
Founded in 2008 by Bhavit Sheth and Harsh Jain, Dream11 operates under the ambit of its parent company Dream Sports. The latter has diversified its product offerings across various domains such as fantasy sports, experiences, events, and more.
The rights will enable Dream11 to brandish its logo on the Indian cricket team jersey and grab the attention of millions of viewers in the cricket-crazy nation. With the transaction still under wraps, all eyes are now on BCCI and Dream11 as to when they will make an official announcement of the contract.
