Online fantasy sports platform Dream11 has joined hands as the official fantasy league partner for the inaugural WPL 2023 and will spend INR 6 crore per season of the partnership. Given the history of the gaming service and previous sponsorships with IPL, it was only a matter of time that the company came out as fantasy league partner for WPL.
Dream11 is one of the most popular fantasy gaming platform in the Indian fantasy sports market with millions of daily as well as monthly active users. The company was established back in 2008, and claims to have more than 150 million users and is currently also an official partner of the International Cricket Council for its marquee tournaments.
With the changes in Google Play Store policy, the Mumbai-based company started allowing fantasy sports on their app on a pilot basis from 28th September 2022. Since then, their App has crossed over 10 million downloads.
A recent announcement from Culture Enforcement Officer (CEO) & Co-Founder of Dream Sports, Harsh Jain, revealed that Dream11 became the eighth-most downloaded game in the world on the Google Play Store.
Back in 2020, Dream11 also won the title sponsorship for the IPL beating the Tata conglomerate, which was also aiming for the same position. However, in a turnaround of events, the Tata Sons have been the title sponsors ever since Dream11.
The company recently reported a dip of over 56% in its profit despite having a gross revenue growth of over 50% for Fiscal Year 2022. The revenue for FY21 stood at INR 2554 crore and increased to INR 3841 crore in FY22, marking a 50.4% added aggregation.
The company’s largest expense for now currently is in advertisement and marketing, with cricket stars as brand ambassadors from the $840 million raised from Alpha Wave, DST Global, D1 Capital, Redbird Capital, and Tiger Global in FY22.