Intex signs Oxigen as title sponsor for Gujarat Lions
New Delhi: Mobile wallet company Oxigen Services India Pvt. Ltd will sponsor Gujarat Lions, one of the two new additions in the Indian Premier League (IPL) this season. Intex Technologies (India) Ltd, a home-grown mobile handset company that owns Gujrat Lions, on Wednesday said it has signed Oxigen as the title sponsor for the current season that starts on 9 April.
Oxigen is the only sponsor Intex has signed so far. Intex and Oxigen did not disclose the sponsorship value.
Brands have paid between Rs.10 crore to Rs.20 crore for title sponsorships of IPL teams in the past, according to estimates by media planners.
For the current fiscal year, Oxigen has set aside Rs.100 crore for sports marketing activities, the mobile wallet company said in a statement.
It has earlier sponsored tournaments like Masters Champions League 2020, UAE; Cricket All Stars, USA; the South African Proteas #Proteafire & the New Zealand Blackcaps, #Backupblackcaps, for World T20. Oxigen has also sponsored football team Kerala Blasters for the Indian Super League, among others.
“Considering the synergy between the two leading brands in consumer technology space, it is a value addition to the Gujarat Lions,” said Keshav Bansal, owner, Gujarat Lions, and director, Intex Technologies.
Intex has already spent about Rs.50 crore in buying the franchisee rights for two years and players’ fees for the current season.
“Integrating Gujarat Lions with our parent brand, Intex, will help in cross-leveraging the strengths and create a strong brand recall amongst consumers,” said Bansal who does not expect cost recovery within the first two years. “I don’t see any scope of breaking even in these two years, but we’ll work on minimizing losses,” Bansal said in an interview in December after he bought the team.
“We are sure our brand engagement campaigns, being planned around the Gujarat Lions, Oxigen Wallet and Intex, for young India, will see heightened traction. Since, the signing up of Sachin Tendulkar as our brand ambassador, Oxigen has embraced sports as an integral part of its marketing strategy and engagement,” said Ankur Saxena, director and chief mentor, Oxigen Wallet, which has about 20 million users.
Editor's Picks »
- Foreign fund managers look for bargains in Indian stock markets
- Sensex Today Live: Markets struggle, Yes Bank shares slump
- Should you invest in a long-term insurance product that gives guaranteed returns?
- Inflation: Cheaper food, except eggs
- 5 ways in which health insurance covers could get fairer for customers