BCCI awards title sponsorship rights to Paytm for 5 more years

Board of Control for Cricket in India (BCCI) has extended Paytm’s association as title sponsor for Indian cricket team for all cricket matches, domestic and international, played in India for 5 more years. Paytm bagged the title sponsorship rights by signing the deal for Rs.326.80 crores which it will pay to BCCI over a period ranging between 2019 and 2023, starting October 2019.

Key Highlights

After opening of the bid documents by BCCI at its headquarter in Mumbai for next cycle- October 2019 to September 2023, One 97 Communications Pvt. Ltd., the parent company of Paytm walked away with winning bid at Rs.3.80 crores/match.

This winning bid of Rs.3.80 crore/match is at 58% incremental value (in sponsorship amount), in comparison to previous per match value of Rs.2.4 crores. In October 2015, Paytm-the mobile payment and financial services platform had replaced Micromax with a bid of Rs. 2.42 crore/match.

Even though the men’s international cricket in India is the drawing card for market, the BCCI offers an extension of sponsorship rights for domestic cricket and women’s international games at no additional cost.

With India’s men set to host at least 86 international matches in bilateral series over next 4 year period, Paytm will continue to be title sponsor for all major cricket tournaments in India.

Month: Current Affairs - August, 2019