The Board of Control for Cricket in India on Tuesday (September 1) announced Bengaluru-based credit card bill payment startup Cred as an official partner of Indian Premier League (IPL) 2020.
The 13th edition of the IPL will be played for 53 days, from September 19 to November 10, across three venues in the UAE — Abu Dhabi, Sharjah, and Dubai.
Board of Control for Cricket in India (BCCI) president Sourav Ganguly took to Twitter to congratulate the board for sealing the deal “in spite of tough markets.”
Cred will be the official partner of the annual cricketing spectacle along with another Bengaluru-based edtech startup Unacademy. Though there is still no clarity about how much it cost Cred to be the tournament’s official partner, reports suggest that BCCI will earn INR 120 Cr from three partnership slots filled by Tata Motors, Unacademy and Cred for the 2020 edition.
Speaking to Mint, Kunal Shah, founder & CEO, Cred said, “As much as cricket is about discipline and strategy, it’s also a rewarding experience for players and viewers. By making credit card bill payments equally delightful, we are incentivising every credit card-holder watching the matches to make digital payments, clear debt and improve their credit scores.”
Last month, the BCCI roped in Bengaluru-based edtech firm Unacademy as the official partner for the IPL for three seasons, the BCCI announced. The sponsorship for three years will cost Unacademy INR 120-130 crore, reports suggest.
Earlier, the BCCI had earlier announced fantasy gaming platform Dream11 as this year’s IPL title sponsor, replacing Chinese mobile phone company Vivo. Dream11 had pipped educational technology companies Unacademy and BYJUs to win the rights for a period of four months and 13 days with a bid of INR 222 crore.
While BCCI seems to have accumulated sponsorships of INR 360 crore this year, last season, the board allegedly made INR gins, the BCCI is likely to sign one more central sponsor but the revenues are certain to take a big hit this year.
Why Is Sponsoring IPL Important?
The IPL title sponsorship rights may be a perfect opportunity for companies looking to expand their global presence. Given the global nature of the IPL and the fact that it will be one of the very few sporting competitions which would be happening around the time could mean that viewer interest would be very high. The tournament is broadcast in more than 30 countries, besides digital streaming in even more countries through Disney+ Hotstar. The brand value of the IPL was $6.7 Bn in 2019, according to financial consultancy firm Duff and Phelps.
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Author: Team Inc42
Source : https://inc42.com/buzz/bcci-announces-cred-as-official-partner-of-ipl/
Date : 2020-09-02T02:25:25.000Z