The Indian Premier League Governing Council (IPL GC) announced on Tuesday, March 16, 2021, that Upstox, an online digital brokerage firm the official partner of IPL, will (according to the official website) begin on April 9, 2021.
Mr. Ravi Kumar, Co-founder, and CEO of Upstox commented on the partnership “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. This is what sparks a natural connection between both brands. With this integration of sports and finance, we intend to spread financial awareness across the country.”
What Is Upstox?
Upstox is a tech-first low-cost brokerage firm in India providing trading opportunities at minimum prices. The company provides trading on different advanced platforms such as equities, currency, commodities, etc. These options are available on its paid platforms like Upstox Pro Web.
Upstox provides many investments and trading services, including advisory services, bonds exchanges, mutual fund portfolios, etc. They are also followed by rivals such as Zerodha and Groww.
Upstox is also backed by a group of renowned investors like Kalaari Capital, Ratan Tata, and GVK Davis.
This is a three-year signed deal signed by BCCI, it’s been said that the revenues are already surging for the T20 tournament.
It has been the first time in 14 years of IPL that a mutual fund company has been made a partner of the Indian Premier League.
Based on these agreement’s terms, Upstox will pay approximately ₹45 crores per year for the two-year sponsorship deal with BCCI (with an additional one-year extension). According to the TOI report, it will grow up to ₹145 crores in 3 years. If we take all the partner’s deal in IPL bags it will be around Rs. 440 crore This amount will be Rs. 260 crore more than the previous one.
This partnership of Upstox will work alongside numerous firms like Vivo, Tata Motors, Dream11, and Unacademy.
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