After the entire hullabaloo, China is back at the Indian Premier League (IPL). Dream 11, the newly selected title sponsor for Indian Premier League, has substantial investment from Chinese conglomerate Tencent. Notably, Vivo, the previous title sponsor, had walked away from the T-20 tournament this year citing rampant negative sentiments against Chinese companies in the wake of deadly clashes between Indian and Chinese forces in Galwan valley back in May.
Tencent had invested $100 million in Dream11 for a majority stake in the fantasy cricket league platform as part of the latter's Series D funding in September 2018. While the companies hadn't declared the quantum of stake this investment amounted to, reports claimed that Tencent had acquired 10 per cent stake in Dream11.
On Tuesday, the Board of Control for Cricket in India awarded the title sponsorship of IPL 2020 to Dream11 for a Rs 222 crore deal. While Tata Group did not submit a final bid for sponsorship, edu-tech firms Byju's and Unacademy came second and third.