The six franchises had a purse of $275,000 to buy players in the auction, which was held a few days back in Delhi. Each team comprises of 11 players - four foreign, six Indians and one junior.
Matches will be played on home and away format in four categories - men's singles, men's doubles, women's singles and mixed doubles.
The top four will make the semi-finals. The final is scheduled for August 31 in Mumbai.
Hyderabad's star player and Olympic bronze medallist Saina Nehwal called the launch of IBL as a "historic moment."
"This is a historic moment for Indian badminton. Post-2012 Olympics, the junoon for badminton has reached a peak in India. I'm confident the Indian Badminton League will make the game even more popular amongst the masses and fulfill the high expectations it has raised," she said.
Saina is the costliest female player in IBL. She was bought by Hyderabad for $120,000.
Here, get to know about Hyderabad franchise - Hyderabad Hotshots.
Team - Hyderabad Hotshots
Owners: PVP Group
List of players purchased in the auction
Saina Nehwal (India) $120,000
Tanongsak Saensomboonsuk (Thailand) $15,000
Ajay Jayram (India) $25,000
Taufik Hidayat (Indonesia) $15,000
Khim Wah Lim (Malaysia) $10,000
V Shem Goh (Malaysia) $10,000
Tarun Kona (India) $28,000
Pradenya Gadre (India) $46,000
Kanthi Visalakhi (India) $3,000
Shubhankar Dey (India) $3,000
Hyderabad Hotshots schedule
Vs Lucknow Warriors - August 15
Vs Delhi Smashers - August 17
Vs Pune Pistons - August 19
Vs Mumbai Masters - August 22
Vs Banga Beats - August 27