CRED, a credit card payment app based in Bengaluru has become official partners for IPL for the next three seasons, the governing body BCCI announced on Tuesday.
The Indian Premier League has seen a massive changeover of sponsorship this year. Following the Galwan valley clash between India and China in Ladakh back in May, BCCI were reluctant to continue their deal with Vivo, the Chinese smartphone brand which was the title sponsor for the cash rich cricket league since 2016.
Now, after announcing Indian fantasy sports platform Dream 11 as IPL’s title sponsor last month, BCCI has elected to partner up with startups. The first one was Unacademy, the Bengaluru based Indian online education firm, and now, CRED is also named as the tournament’s official partners until 2022. To place wages on IPL 2020 and upcoming cricket matches, see here.
CRED joins Unacademy as official partners for IPL
“We are very pleased to have CRED on board as the `Official Partner` of the Indian Premier League 2020 to 2022,” said IPL chairman Brijesh Patel.
BCCI president Sourav Ganguly took to Twitter to appreciate the governing body’s decision.
Well done bcci .. in this tuff market situation .. https://t.co/JMC9ptWTFN
— Sourav Ganguly (@SGanguly99) September 1, 2020
“The Indian Premier League Governing Council (IPL GC) announced CRED, a high-trust community of creditworthy individuals, merchants and institutions, will be Official Partner for the IPL beginning with the 2020 edition which will be held in the UAE from September 19 onwards. It is a three-season partnership which will see the association run through till the 2022 season,” IPL said in an official statement.
CRED users can earn upto 100% cashback during IPL Power Play overs
CRED was founded by Indian entrepreneur Kunal Shah in 2018, and has become one of the fastest growing popular credit card payment apps in the country. In 2019, they had raised a total of $175.5 million, and was valued worth $450 million in August last year.
During IPL, CRED will introduce ‘CRED Power Play’ which will be in effect during the power play overs of IPL matches, and the users making payments through CRED during that time period will earn upto 100% cash backs of their card bill.
“The big hits in IPL usually begin with the first six overs of each innings, and this time viewers can join players in scoring big,” CRED said in a statement.
However, the sponsorship amount for IPL has not been disclosed by either BCCI or CRED.