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Mumbai: As the countdown to the 2024 Summer Olympics in Paris enters its final stretch, Indian corporates are stepping up their support for the nation's contingent and individual athletes, with sponsorship for the Indian Olympic Association (IOA) poised to be double the amount received for the Tokyo Olympics.
Mumbai: As the countdown to the 2024 Summer Olympics in Paris enters its final stretch, Indian corporates are stepping up their support for the nation's contingent and individual athletes, with sponsorship for the Indian Olympic Association (IOA) poised to be double the amount received for the Tokyo Olympics.
With the backing of the likes of JSW Group, Reliance, Adani Group, Yes Bank and others, the Indian Olympic Association (IOA), industry sources said that IOA will cross ₹50 crore in sponsorship revenues for the first time for a single event, and this will allow the association to open their coffers to players and coaches participating in the Games.
With the backing of the likes of JSW Group, Reliance, Adani Group, Yes Bank and others, the Indian Olympic Association (IOA), industry sources said that IOA will cross ₹50 crore in sponsorship revenues for the first time for a single event, and this will allow the association to open their coffers to players and coaches participating in the Games.
“There has been a significant increase in the interest for the Olympic Games," said Neerav Tomar, MD & CEO of iOS Sports & Entertainment, the sports marketing agency exclusively working for IOA. “We are going to more than double the sponsorship amount, compared to last Olympics. Last year, we saw a 40% increase over Rio Olympics, when for the first time we started doing sponsorship deals for IOA."
Tomar said that one principal sponsor is now investing nearly the entire amount received in 2016. “Tokyo Olympics was a kickstarter. Consumers watched and cheered for the Indian athletes and brands saw the value. While we have long-time supporters like JSW, Reliance, and Adani, we have also signed Yes Bank for the first time and two more deals—one with a petroleum giant and another with an NBFC (non-banking financial company)—will be announced soon," Tomar said.
Experts feel that one can’t compare the sponsorship value with that of cricket, as it has very different economics.
Parth Jindal, MD of JSW Cements, told Mint, “At JSW, we hold a deep reverence for the Olympic movement and recognise the significance of our association with the Indian Olympic endeavour. As proponents of infrastructure development aimed at nation building, we understand the transformative power of sports in shaping the moral fabric of society."
He added that the Olympics stands as the pinnacle of all sporting events, symbolising the unity of the entire world through the spirit of sportsmanship.
“While India may still have strides to make in the realm of Olympic sports, we remain committed to fostering growth and excellence in this domain. Between Tokyo and Paris Olympic JSW Group must have invested over ₹300 crore in athletes," he added.
JSW runs five residential programmes across boxing, fencing, track and field events, and swimming in Haryana, Himachal Pradesh, Odisha, and Manipur, and also runs the Inspire Institute of Sport (IIS), the country’s first privately-funded high-performance Olympic training centre in Vijaynagar.
Neeraj Chopra, who won India’s first-ever gold medal in a track and field event, and wrestler Bajrang Punia, who won bronze in the Tokyo Olympics 2020, were both trained at the IIS, which is supported by 20 corporates including the Kotak Group, Citi Bank, IndusInd Bank, Bridgestone, Marico and Borosil. Even for the Paris Olympics, out of the total contingent, 45 athletes are from JSW programmes—23 from the IIS and 22 from other support partners.
With IOA, JSW has signed an apparel sponsorship, which Jindal said is close to 15-20% of the overall ₹50 crore value.
“It’s a matter of great pride for us that the Indian team will be wearing the jersey made in India by an Indian company," added Jindal.
Many sports marketing experts feel that while India has been a cricket-loving nation for long, winning at the Olympics will help the country become a sporting nation in the true sense of the term.
“This opportunity is monumental, as the Olympics occur only once every four years. It serves as a crucial stage where emerging sports stars often rise from grassroots beginnings," Nipun Kaushal, CMO of Yes Bank.
“Our partnership with IOA for the Paris Olympics marks a significant milestone for Yes Bank. Moving forward, we aspire to solidify our brand's association with sports."
Kaushal added that as a brand, Yes Bank’s participation signifies a commitment to advancing sports and enhancing its popularity.
“Recognising the pivotal role sports play in realising the vision of a developed India, aligned with the Prime Minister's aspiration for a Viksit Bharat, we view our partnership as a vital step towards achieving this collective goal."
Yes Bank has also launched an exclusive savings account—Yes Glory—for athletes and their families, with no minimum average monthly balance requirement. The key benefits of this will include complimentary orthopaedic consultations, zero cross-currency markup on international spending, complimentary medical insurance and international lounge access.
Tuhin Mishra, MD of Baseline Ventures, said, “This time we have high hopes of having the best-ever Olympics in terms of medals. Even in terms of viewership, this should be the biggest Olympics ever as the event will be prime-time viewing in India. We can already see a lot of interest from corporates trying to associate with our athletes who are potential medal winners."
Other sponsors of the IOA include Amul, Borosil, INOX and Dream Set Go.
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