Mumbai: Fantasy sports platform Dream 11, a tech start-up founded in 2008 by two young Mumbai-based entrepreneurs, Harsh Jain and Bhavit Sheth, took the cricket fraternity by surprise on Tuesday when they made a successful bid for the title rights of the Indian Premier League (IPL).
It pipped e-learning startups Byju’s and Unacademy to walk away with the rights while Tata Sons, who had also ‘expressed interest’ in the property, did not come to the bidding table. In effect, all three participants turned out to be Indian tech start-ups.
BCCI had floated an ‘expression of interest (EOI)’ for potential bidders to walk in after their existing title rights partner Vivo India and IPL separated ways two weeks ago owing to the recent controversies surrounding the India-China relationship. Vivo were contracted to pay the IPL Rs 440 cr per year as part of a Rs 2,190 cr deal for five years.
VIVO USED TO PAY 440 CRORE/YEAR
Who Expressed Interest
Dream 11, Tatas, Byju’s and Unacademy
Bids Submitted
Dream 11 (₹222 cr in yr 1/ ₹240cr in yr 2/ ₹240 in yr 3), Byju’s (₹201cr), Unacademy (₹171cr). Tatas didn’t bid
Why Three
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