Byju’s, India’s most valuable edtech startup, has seen its fortunes decline in recent months. The company reported a widening net loss of Rs 4,589 crore in FY21, even as its revenue fell by 3% to Rs 2,428 crore. This was the first time that Byju’s had reported a loss since its inception in 2011.
Given their crisis-ridden situation, it wasn’t surprising that Byju’s discontinued their Lead sponsorship for Team India after the end of the last financial cycle and BCCI invited closed bids for its new sponsor.
After much deliberation, BCCI has finally decided to make a three-year deal with Dream11 as the Lead jersey sponsor of the Indian cricket teams for an undisclosed amount. Speculation around the event was that the new deal was for lesser amount as compared to the previous one they had.
Dream11 is an Indian fantasy sports platform that allows users to play fantasy cricket, hockey, football, kabaddi, handball, basketball, volleyball, rugby, futsal, American football and baseball. It is the largest fantasy sports platform in India, with over 140 million registered users. Dream11 was founded in 2008 by Harsh Jain and Bhavit Sheth, and it became the first Indian fantasy sports company to become a unicorn in 2019. In 2021, Dream11 was valued at $8 billion.
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During the announcement, BCCI President Roger Binny said: “As we prepare to host the ICC World Cup later this year, enhancing fan experience is among our top priorities and I am confident that this [BCCI-Dream11] partnership will help us elevate the fan engagement experience,”
In a media advisory BCCI announced: “Dream11 will be seen on Team India jerseys starting from the Test series against the West Indies, the team’s first assignment in the ICC World Test Championship 2023-25 cycle,”
Dream11 is legal in India under the Fantasy Sports Regulations 2022, which were issued by the Ministry of Electronics and Information Technology (MeitY). The regulations define fantasy sports as a game of skill, and they exempt fantasy sports platforms from the provisions of the Public Gambling Act, 1867.
Harsh Jain, Co-Founder & CEO of Dream Sports shared his views on the matter:
“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,”