GMR Holdings welcomed Hero Hondo as the team's main sponsor while Kingfisher will be an associate sponsor. Adidas will be the apparel sponsor of the team.
Delhi IPL team will feature opener Virender Sehwag as the team's captain.
The other significant names include opener Gautam Gambhir and wicketkeeper batsman Dinesh Kaarthick and Manoj Tiwary.
New Zealand's Captain Daniel Vettori, Pakistan pacer Mohammed Asif and the recently retired Australian quickie Glenn McGrath will be the overseas attraction for the team.
GMR had acquired the team for $84 million.
The coach of the team would be Greg Shippard and bowling coach T A Sekar will be managing the team's cricket operation.
The first match of the team will be played in Delhi at the Ferozshah Kotla stadium against Jaipur franchise on April 19.
Virender Sehwag who has been in constant touch with the owner of the team regarding crucial decision for the selection of players is happy with the team members.
"I think we have got the players that we wanted in the team. We decided to take one spinner and 2-3 fast bowlers," said Virendar Sehwag.
Meanwhile, sponsors of the Delhi DareDevils, Hero Honda Motors Limited expressed happiness over the composition of the squad and accentuated the long-term association of the company with the game.
The IPL is a new concept unveiled by the BCCI on the lines of football's English Premier League and National basketball League of the US.
The 44-day IPL is scheduled to start on April 18 and will feature eight franchisees with 16-man squads in its inaugural season.
With eight teams in the fray, there would be seven matches for each team to be played under 'Home and Away basis'.
The league, expected to feature many of the game's top players, is an effort to counter an unofficial Indian Twenty20 league, which began late last year.