Industry experts have speculated that the lackluster response from potential advertisers, despite the BCCI lowering the base price, can be attributed to the stringent guidelines imposed by the Board during the tendering process. These guidelines prohibited certain brand categories.
In a surprising turn of events, it has been reported that the prominent fantasy gaming platform, Dream11, has managed to secure the lead sponsor rights of the highly revered Indian cricket team for a whopping sum of INR 358 Cr.
Insider sources from Business Outreach have revealed that only two companies participated in the intense tendering process, with Dream11 emerging as the sole serious contender in this fiercely competitive race. If the rumors are to be believed, this lucrative deal will grant Dream11 the privilege of displaying its logo on the national team’s front jerseys for an impressive span of four years, extending until 2027.
Interestingly, the base price set by the Board of Control for Cricket in India (BCCI), the governing body overseeing the Indian cricket team, coincidentally happened to be INR 358 Cr. However, it is important to note that no official confirmation has been provided by either the Board or the gaming company regarding this momentous sponsorship agreement.
Dream11 will be stepping into the shoes of another cutting-edge tech company, BYJU’S, which terminated its $35 Mn contracts with the BCCI for front jersey rights earlier this year in March. Although BYJU’S had the option to continue the deal with the BCCI until November 2023, it made the decision to terminate the contract prematurely. Reportedly, this transaction with BYJU’S had earned the Board approximately INR 5.5 Cr for bilateral fixtures and INR 1.7 Cr for ICC games.
Industry experts have speculated that the lackluster response from potential advertisers, despite the BCCI lowering the base price, can be attributed to the stringent guidelines imposed by the Board during the tendering process. These guidelines prohibited certain brand categories, including crypto, betting, athleisure, and real-money gaming platforms, from participating. However, fantasy sports gaming platforms were permitted to submit their bids, thereby granting Dream11 the opportunity to compete in the tendering process.
It is anticipated that the Indian cricket team will don the new jerseys featuring the Dream11 logo during their upcoming series against the West Indies, set to commence on July 12. This significant sponsorship from Dream11 is expected to infuse renewed financial support and provide invaluable branding opportunities for Indian cricket.
Notably, Dream11 already boasts numerous Indian cricketers as its brand ambassadors. Despite the challenging funding climate and adverse market conditions, Dream11 remains undeterred and continues to invest substantially, distinguishing itself as one of the rare profitable new-age tech startups in India.
However, it is worth mentioning that the company’s profits witnessed a staggering 57% year-on-year (YoY) decline, narrowing down to INR 141.97 Cr in the financial year 2021-22 (FY22). On the other hand, its operating revenue experienced an impressive surge, soaring 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 umbrella of its parent company, Dream Sports. This parent company has diversified its product offerings across various domains, including fantasy sports, experiences, events, and more. Securing the right to brandish its logo on the Indian cricket team jersey allows Dream11 to capture the attention of millions of ardent cricket fans in the nation known for its unbridled passion for the sport. As the details of this remarkable contract remain shrouded in secrecy, all eyes eagerly await the official announcement from BCCI and Dream11, eagerly anticipating the unveiling of this monumental deal.
