MUMBAI: Ratan Tata-backed cost-effective brokerage firm Upstox has pipped India-based online investment platform Groww to come on board the Indian Premier League as an official partner.
Both investment firms were in the race for the category and TOI understands that Upstox outbid Groww to grab the space.
In doing so, the IPL expanded their sponsorship (OP) list from four to five and are expected to finalise another, ahead of the 2021 season. It is learnt that Upstox has entered into a three-year agreement with the BCCI at approximately Rs 45 cr per year.
Fantasy sports platform Dream11, e-education platform Unacademy and e-payment platform Cred are already on board the IPL as the other official partners along with Tata Motors, for now.
The IPL has retained mobile-manufacturer Vivo as the tournament’s title sponsor at Rs 440 crore. TOI understands that Vivo had been looking out for potentially good exit routes but has found no takers at the price.
The mobile manufacturing company, in 2018, had bid Rs 440 crore per IPL season for five years to come on board as the title sponsor. Market sources indicate that Vivo will keep working on exit strategies until the 11th hour to see if it manages to derive the right value from the industry.
With Vivo taking a temporary break from the 2020 season owing to the Indo-Sino relations and the ensuing controversy, Dream11 had come on board as the title sponsor after making a successful bid of Rs 222 crore.
However, with Vivo back, Dream11 has gone back to be the official fantasy sports partner of the IPL.
The IPL, meanwhile, is busy putting a new team in place to take care of the league’s operations, post the exit of the International Management Group (IMG).
The IMG and BCCI parted ways in December last year, marking the end of a 13-year association between the two. Since then, the Board has been busy putting in place a team of ‘experienced freelancers’ to work on the 14th edition of the IPL scheduled between April and June.