Sources said Dream11 will pay Rs 222 crore for the rights.
The other bidders were Unacademy (Rs 210 crore), Tata Sons (Rs 180 crore) and Byju’s (Rs 125 crore).
The Board of Control for Cricket in India (BCCI) is expected to make a formal announcement later today.
Tata Sons, which had submitted its interest to sponsor the tournament for this year on August 14, was seen as the top contender to bag the rights with its credentials seen as the perfect match for BCCI to nullify the criticism it had received after it had decided to retain Vivo as the lead sponsor.
Last year, Dream11 had signed as an official partner of the Indian Premier League.
Moneycontrol had earlier reported how fantasy sports platforms are driving IPL sponsorship deals this year.
Lloyd Mathias, angel investor and business strategist, however, feels Tata’s association with the tournament could have enhanced the tournament’s image.
“I am not surprised given the growing popularity of fantasy games. However one wishes a more mainstream group like the Tata’s would have made it – as it would have given the IPL a more credible partner, with products that touch a wide swathe of Indians,” he told Moneycontrol.
Earlier this month, Vivo pulled out of this year’s commitment as the title sponsor of the popular T20 tournament.