IPL Chairman Brijesh Patel announced that, "Fantasy sports platform Dream 11 won the title sponsorship rights for the 2020 edition of the Indian Premier League with a bid of Rs 222 crore." This news came in after Chinese phone maker Vivo backed out of Indian Premier League 2020.
Dream 11 is funded by Tencent, Chinese multinational conglomerate holding company. There are certain questions which have been raised about Chinese company Tencent's investment in Dream 11 but according to BCCI sources, it is less than 10%. However, It is an Indian company founded by Harsh Jain and Bhavit Sheth.
“Their Indian investors are Kalaari Capital and Multiples Equity. Even Dream 11’s product is available exclusively for use only by Indians. Only a single-digit percentage minority stake is held by Tencent,” the official added.
IPL is all set to begin from 19 September in UAE.