New Delhi: The Board of Control for Cricket in India (BCCI) on Wednesday announced that mobile payments and e-commerce company One 97 Communications Pvt. Ltd, which operates under the Paytm brand, has retained the title sponsorship rights for all cricket matches, domestic and international, played in India for five years.
Paytm has signed the deal for ₹326.80 crores which it will pay BCCI over a period ranging between 2019 and 2023. The winning bid was ₹3.80 crore which is at 58% incremental value in comparison to the previous per match value of ₹2.4 crores. In 2015, Paytm forged a deal with BCCI bagging the title sponsorship rights of Indian team paying a total sum of ₹203.28 crores.
“I’m pleased to announce Paytm as the BCCI home series title sponsor. Paytm is one of the new generation companies of India and we at the BCCI are proud of Paytm continuing its long-standing commitment with Indian Cricket," said Rahul Johri, chief executive, BCCI.
India's home season will start with South Africa tour which will comprise three T20s and three tests kickstarting from 15 September.
"We are excited to continue our long-term association with BCCI and the Indian Cricket Team. Our commitment to Indian Cricket gets stronger with every season. India loves cricket and we at Paytm are the biggest fans of it," said Vijay Shekhar Sharma, founder and chief executive, Paytm.
In July, Bengaluru-based education and learning app Byju's, which is owned by Think and Learn Private Limited, has replaced Oppo India as the official Team India sponsor. The deal period will begin from 5 September, 2019 until 31 March, 2022.
Experts believe cricket seems to be insulated from everything that is happening with the economy with companies willing to spend significant amount of marketing and sponsorship money.
“The sponsorship deal Paytm has won in 2015 has worked well for them which is why they have paid a premium to retain these rights. Clearly, the brand is trying to establish a national footprint and nothing works better than cricket in India. The deal is a testament to how strong a platform Indian cricket is today. Any brand that has got big bucks cannot afford to not leverage cricket which includes popular properties such as Indian Premier League (IPL)," said Indranil Das Blah, chief executive of Kwan Sports.