Under the agreement, the two-year sponsorship deal (with an extension clause for another one year) will cost Upstox around ₹45 crore per year
The board also plans to bring more sponsors for the 2021 season which is expected to start in April
The Board of Control for Cricket in India (BCCI) has signed digital stockbroking firm Upstox as official partner of Indian Premier League (IPL), said an executive on the condition of anonymity. Upstox has outbid its competition Groww in sealing the deal. Upstox did not comment on the development.
Under the agreement the two-year sponsorship deal (with an extension clause for another one year) will cost Upstox around ₹45 crore per year.
With this agreement, Upstox will share the space as official partner with firms such as Tata Motors, fantasy sports platform Dream11, e-payment company Cred and edtech firm Unacademy.
Upstox offers online stock market investment services, advisory services, mutual fund investments and completes with the likes of Zerodha and Groww. It has raised about $29 million till date from investors like Tiger Global, Kalaari Capital, GVK Davix, Ratan Tata and others.
Sujata Dwibedy, group trading director, Amplifi, Dentsu said that IPL offers an instant surge of imagery, impact, reach and exposure to new age firms. According to her, the spike in awareness that a brand gets through IPL cannot be compared to any other existing media property in the country.
"We have seen that in case of Cred and other new brands in the previous IPL season. Many new companies and brands have leveraged IPL as a stepping stone for a successful launch in the market. Flushed with funds, it makes sense for these startups to opt for IPL for 60 matches window, instead to be on any other media property where the build up is pretty slow," she added.
Earlier, BCCI announced that smartphone maker Vivo, which paused its sponsorship owing to strained India China relations in 2020, returned as the title sponsor this year. The board also plans to bring more sponsors for the 2021 season which is expected to start in April.