Dream11 a fantasy sports platform, wins IPL 2020 title sponsorship.
Dream11 is a Series D funded company with Tencent.
Tencent is Chinese Multinational Company.
Tencent has brought just a small % of share in Dream11.
The hunt for 2020 IPL title sponsorship has come to an end now, as Dream11 a fantasy sports platform has bagged the title sponsorship of Indian Premier League. Dream11 won the title sponsorship for Rs 222 Crore.
But the speculations are not yet over, as a Chinese multinational company Tencent has brought a small percent of share in Dream11. Dream11 is an Indian startup founded in 2009. In 2012, they introduced fantasy sports in India for Cricket fans. In 2014, the company reported 1 million registered users & later they grew much in large scale.
Dream11 is a series D funded company with Tencent. Dream11 is an Indian company and not a Chinese app (Tencent has brought just a small percent of share in it). All the taxes of Dream11 goes to Indian Government. Kalaari Capital & Think investment has more investments than Tencent in Dream11. Both of them are Indian investors.
The term Series D is a venture capital jargon, which refers to the fourth stage in the seed stage financing cycle of new business growth.
Tencent is a Chinese multinational company, whose subsidiaries is in various internet-related services & entertainment, AI & technology globally.
The break up for IPL’s winning bid is as- 222 Crore for the first year, 240 Crore for the second year & 240 Crore for the third year for an average of Rs 234 Crore per year. Dream11’s bid is 51% of what Vivo was paying the BCCI.
Earlier Vivo a Chinese phone company had opted out from its title sponsorship, amid huge backlash due to Indian sentiments & internal disputes with BCCI. Vivo payed a large scale of around 440 Crores to BCCI per year. Finally, now Indian Premier League has its new title sponsor, Dream11 IPL 2020.
Dream11 IPL 2020 will start from 19 September in UAE, first match will be played between Mumbai Indians & Chennai Super Kings.