Fantasy gaming app My11Circle has clinched the prestigious title of being the official partner of the Indian Premier League (IPL) with a whopping bid of INR 125 Cr per year, spanning a five-year period.
In a fierce competition, My11Circle outshone the incumbent Dream11, which had previously held the partner rights for the cricket extravaganza with a bid of INR 103 Cr annually.
According to reports from Mint, citing BCCI sources, My11Circle's bid translates to a staggering total of INR 625 Cr over the five-year duration. While the bids were unveiled on Wednesday, the official confirmation from the Board of Control for Cricket in India (BCCI) is anticipated to follow later.
The bidding saga unfolded as a significant event for IPL enthusiasts, with Dream11, a prominent player in the fantasy gaming domain, facing off against My11Circle, backed by the endorsements of cricket icons Sourav Ganguly and Shubman Gill.
Adding to the IPL's financial momentum, the TATA Group has secured the title sponsorship rights for the next five years, marking a historic milestone with a deal valued at INR 2,500 Cr. This move marks the highest-ever sponsorship amount in the league's illustrious history.
TATA Group, a conglomerate with diverse business verticals, had previously held the title sponsorship rights for IPL in 2022 and 2023, and also holds the title sponsorship for the Women's Premier League, the world's largest women's T20 league.
Meanwhile, Dream11, the fantasy gaming unicorn, has reported a substantial 32% increase in net profit, reaching INR 187.83 Cr in the financial year 2022-2023 (FY23), compared to INR 141.97 Cr in the previous fiscal year.
Founded in 2008 by Harsh Jain and Bhavit Sheth, Dream11 witnessed a remarkable 66% surge in operating revenue, soaring to INR 6,384.49 Cr in FY23 from INR 3,840.75 Cr in the preceding financial year.
