IPL is one of the most lucrative tournaments in the world. It has a huge fan base and generates sky-high revenue due to its popularity. Following the BCCI’s decision to cut ties with the China-based phone manufacturer Vivo, many companies were vying for the title sponsor status. Now, it has been confirmed that Dream XI bagged the title rights sponsorship.
IPL chairman Brijesh Patel confirmed this news himself. With the IPL being conducted in the UAE, it was imperative for the BCCI to find sponsors for the tournament as the date was coming closer. They too a call by selecting Dream XI as their title sponsor. Out of all the companies who had bid, three stood out the most, with Dream XI being one of them. Here are the top 3 bidders for the 2020 IPL title rights.
#1 Dream XI (222 Cr)
We will start off with the winners of the bidding war, Dream XI. The sports fantasy platform is immensely popular among the younger demographics. It has established itself strongly in the market. Dream XI bagged the sponsorship rights at a hefty sum of ₹222 crores.
While it still is a massive amount, the BCCI had to settle for what was almost 50% of what they got from Vivo. But nevertheless, this is great news for the Indian brand. It was always ahead of its competition in terms of the amount they bid. This will mark the start of a great partnership between the Indian company and the IPL.
#2 BYJUS (201 Cr)
BYJUS is already one of the biggest edtech companies in the world. The innovative teaching platform has been enjoying immense profits since its inception in 2011. In March 2019, it was declared as the world’s most valued edtech company, with a valuation of $5.4 billion.
It was the second in line for the rights of the IPL title. They were ready to part with a massive ₹201 crores. They couldn’t match Dream XI’s massive offer and thus failed to capture the rights to the IPL title sponsorship.
#3 UNACADEMY (171cr)
UNACADEMY began as a YouTube channel in 2010. Soon, it took massive strides and is one of India’s largest l
earning platforms. The edtech startup now employs more than 12000 educators, who provide training for a multitude of courses.
UNACADEMY was the third-largest bidder in the pool, bidding ₹171 crores. They were however overshadowed by their direct competitors, BYJUS, and went out of the contention pretty quickly. UNACADEMY was also provided stiff competition from the TATA group over the sponsorship of the IPL title rights.