Following the player auction conducted earlier this month, BCCI aims to bolster the Indian Premier League (IPL) by forming a strong sponsorship portfolio. Indian online trading and wealth management company, Groww, lost the bid to Upstox, a cost-effective trading company supported by Ratan Tata. This will be Upstox’s maiden season with IPL as an official affiliate.
Based on the agreement’s terms, Upstox will pay approximately ₹45 crores per year for the two-year sponsorship deal (with an additional one-year extension). This partnership sees Upstox working alongside numerous firms like Tata Motors, Dream11, Cred, and Unacademy.
Upstox provides numerous online financial platforms, including consulting services, mutual fund portfolios, and bond exchanges. They are followed by rivals such as Zerodha and Groww. The campaign has earned over $29 million in contributions from prominent investors such as Tiger Global, Kalaari Capital, GVK Davix, and Ratan Tata.
As the strains between India and China started to flare, Vivo pulled out of IPL 2020. With a strong offer of INR 222 Crores, Dream11 won the right to sponsor the last season. However, Vivo is back now and will be the official supporter of the IPL 2021.