IPL Chairman Brijesh Patel has informed that the deal will be valid for four and a half months, ending December 2020.
Dream11 will replace VIVO after the Chinese mobile phone maker suspended its deal owing to a border stand-off between India and China.
Two education technology companies, BYJUs and Unacademy were also in the race with bids of 201 crore and 170 crore rupees respectively.
IPL 2020 starts on 19th September in the UAE.