India's former cricket captain Sachin Tendulkar, co-owner of ISL team Kerala Blasters, took part in the opening ceremony in Calcutta.
Mumbai players Nicolas Anelka and Freddie Ljungberg were missing through suspension and injury respectively.
Goals from Fikru Teferra, Borja Fernandez and Arnal Llibert secured victory for the hosts.
|Marquee players in the Indian Super League|
|Atletico de Kolkata: Ex-Spain and Liverpool forward Luis Garcia|
|Chennaiyin: Ex-Brazil and Manchester City playmaker Elano|
|Delhi Dynamos: Ex-Italy and Juventus forward Alessandro Del Piero|
|FC Goa: Ex-France and Arsenal winger Robert Pires|
|FC Pune City: Ex-France and Juventus striker David Trezeguet|
|Kerala Blasters: Ex-England and Liverpool goalkeeper David James|
|Mumbai City: Ex-Arsenal and Sweden midfielder Freddie Ljungberg|
|Northeast United FC: Ex-Spain and Villarreal defender Joan Capdevila|
Former Liverpool players Luis Garcia, their marquee player, and Josemi both featured for Atletico.
Reid said: "The better team won on the day. We didn't deserve it. It happens in football."
The ISL will run as a 10-week, eight-team tournament with the aim of increasing the popularity of the sport in a country in which cricket dominates.