MUMBAI: Digital brokerage firm Upstox, which has Ratan Tata among its primary investors, is now an official partner of the Indian Premier League (IPL). The three-year deal signed this month takes the T20 tournament’s sponsorship pool a few notches high compared to the 2020 edition.
With mobile phone manufacturer Vivo coming back on board, the IPL will rake in a hefty Rs 440 once again this year as compared to the Rs 222 crore they received through title sponsorship from Dream11 in what ended up being an “11th hour bargain”.
Now, with Upstox on board, the BCCI-IPL will earn approximately Rs 45 crore more this season with the three-year deal effectively totalling up to around Rs 145 crore.
TOI had reported on Upstox outbidding online-based investment platform Groww last month. The BCCI, by way of Vivo’s return and Upstox on board, will earn in excess of Rs 260 crore more this year compared to the previous one.
It is for the first time in 14 years that a brand in the stock and mutual fund sector has partnered with the T20 league. This year’s IPL is scheduled to begin on April 9 and conclude on May 30.
“We are thrilled to partner with the IPL. The tournament has paved a bold new direction to Indian cricket in the last decade. This is what sparks a natural connection between us,” Upstox CEO Ravi Kumar said.
Fantasy sports platform Dream11, e-education platform Unacademy and e-payment platform Cred are already on board the IPL as the other official partners along with Tata Motors, for now.
Upstox, for the record, is also learnt to have grabbed a three-year sponsorship deal with the International Cricket Council (ICC) and an announcement of the same is expected to be made soon.
The tournament, much of which is expected to be played without spectators at the stadium due to the rising Covid numbers and state-wise restrictions, will once again be an all-television and digital affair — thus throwing the ring open for e-business platforms to find advertising opportunities.
“If you look at the 2020 edition, e-education and fantasy sports platforms had hogged the advertising space. Expect more players in the e-business industry to make an attempt to grab this space this year,” say those tracking developments.