Upxtox signs deal to become newest IPL official partner
The Board of Control for Cricket in India (BCCI) has announced signing a deal with Upstox as an official partner for Indian Premier League (IPL), which is due to commence on April 9. The digital brokerage firm, owned by RKSV Securities, outbid India-based online investment platform Groww to come on board as the official partner, signing a ₹45 crore per annum deal with IPL 2021.
Upstox has emerged as the second-largest brokerage firm in India. This multi-year partnership with a brand in the Stock and Mutual Fund sector is the first-of-a-kind in the history of IPL sponsorship. They will join Fantasy sports platform Dream11, e-education platform Unacademy, e-payment platform Cred, and Tata Motors in the list of 2021 IPL sponsorship official partners.
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“As one of the most-watched cricket leagues in India, IPL along with Upstox, one of India’s fastest-growing digital-trading platforms, can create a huge impact on the audience, especially the millions of Indian youth who are financially independent and looking for more options to manage their portfolios,” Brijesh Patel, Chairman, IPL, said welcoming their newest sponsor
Backed by Ratan Tata, the cost-effective brokerage firm Upstox was founded with the vision of “making financial investing easy, equitable, and affordable to all Indian investors”. It provides online investments in Stocks, Mutual funds, Digital Gold, Derivatives, and ETFs for both investors and traders. Upstox currently has over 2.8 million customers.
“We are thrilled to partner with BCCI for IPL 2021. In India, Cricket is more than just a sport. It is an important part of our culture and social life, with a huge fan-following, especially by the millennials. IPL has paved a bold new direction to Indian cricket in the last decade just like Upstox, which is revolutionizing finance in India,” Ravi Kumar, Co-founder & CEO, Upstox said.
Speaking of sponsorship, the BCCI earlier announced that the smartphone manufacturer VIVO will return as the title sponsor of the 14th edition of the tournament. Last year, Vivo Communication Technology Co’s withdrew from sponsoring the IPL 13 due to the negative publicity it has gained amid the Indo-China tension on the border.
The IPL 2021 is set to commence on April 9 behind closed doors. Ahmedabad’s Narendra Modi Stadium will host the playoffs as well as the May 30 final, with Bengaluru, Delhi, Mumbai and Kolkata being the other venues. However, the Board remains doubtful on the fate of spectators through the whole edition. It will be a 52-day tournament with 60 matches in total.
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