IPL 2024: Startups Take Center Stage ??
Lakhani Financial Services
Startup. Growth. Capital. India's Most Trusted Startup Fundraising Advisor.
The Indian Premier League (IPL) is back and bigger than ever for 2024, with a massive 32 startups partnering with teams - a 68% increase from last year. ?? As the world's richest cricket tournament kicks off, startups across sectors are batting hard to leverage this prime opportunity to build brand awareness and connect with millions of fans.
From unicorn brands to fresh new entrants, the startup roster at IPL 2024 is as diverse as it gets. ?? Online gaming majors like Dream11, Rario, My11Circle, and FanCode have doubled down with multi-million dollar sponsorships across teams. D2C brands like boAt, Bira, Wrogn, and NIC Ice Cream are vying for the spotlight through team partnerships.
With cricket frenzy at a peak, startups are pulling out all stops - be it witty ad campaigns, exclusive fan experiences, or simply splashing their logos across jerseys and stadium hoardings. ?? The prospect of reaching IPL's staggering 505 million viewers is just too lucrative to pass up.
Gaming Giants Double Down ??
If there's one sector going big at IPL 2024, it's online gaming and fantasy sports. Leading the pack is Dream11 which has partnered with a massive 8 teams, including Mumbai Indians, RCB, and SRH. ?? Having paid a whopping $25 million to become an official IPL partner last year, Dream11 is ensuring maximum visibility through multiple team deals.
Its subsidiary FanCode, a sports streaming platform, has inked 6 team sponsorships. While Dream11 co-presents the IPL broadcast on Star Sports, FanCode's brand integrations span digital platforms. ??
Not to be left behind, Dream11's arch-rival My11Circle acquired the prestigious 5-year IPL title sponsorship rights for a massive $125 million. ?? It aims to leverage this investment through team partnerships with Gujarat Titans and Lucknow Super Giants.
While the gaming giants are shelling out the big bucks, not everyone has survived the GST blues this season. ?? Notable absentees include MPL, Baazi Games, and MyFab11 which are recalibrating their strategies post the 28% GST implementation on real-money gaming.
D2C Brands Bowled Over by IPL ??
As D2C brands hit their stride in India, IPL provides the perfect launchpad for increased brand visibility. Capitalizing on this, 14 D2C startups from categories like fashion, F&B, footwear and electronics have signed up for IPL 2024 sponsorships.
Lifestyle audio brand boAt continues its IPL innings, albeit with fewer team associations this year. ?? It has roped in Gujarat Titans and RCB as partners, having spent lavishly on multiple IPL deals in previous seasons. Fashion labels like WROGN are also getting in on the action by sponsoring the Sunrisers Hyderabad. ??
Newcomers like nutrition brand Eatfit and sustainable footwear label Plaeto have taken the IPL plunge, securing team merchandise partnerships. ?? Food majors like Rebel Foods' EatSure and Curefoods' Happilo are title sponsors for RCB and DPS respectively.
This diverse mix of consumer brands underscores the massive opportunity that IPL presents for startups to generate brand recall and customer acquisition at an unprecedented scale. ??
Fintech Frenzy Toned Down ??
Fintech startups, which were at the forefront of IPL promotions until recently, have adopted a cautious stance this year. Giants like Paytm, which was once the official umpire partner, has pared down its association by solely sponsoring Delhi Capitals.
Upstox has settled for the relatively lighter commitment of an associate sponsor for JioCinema's streaming platform. ?? BredBasket startups like CRED retain their visibility as OTT sponsors.
This pullback could be attributed to the recent upheavals in the fintech sector, with multiple startups undergoing consolidation and focusing on profitability over marketing splurges. ??
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Star Sports' 'Startup Power Play' - A Game Changer? ?
In an exciting new development, Star Sports - the official IPL broadcaster - has launched the 'Startup Power Play' initiative exclusively for startups. This provides an opportunity for one startup per match day to showcase a 60-second TV commercial during the live broadcast.
By partnering with D2C community platform D2C Insider, Star Sports aims to grant early-stage startups valuable advertising airtime at reasonable introductory prices. ?? With IPL's viewership at an all-time high of 505 million last season, it could prove to be a game-changing opportunity for startups to build brand awareness at a massive scale. ??
Win or Lose, Startups Rejoice ??
While sponsorships and commercials provide direct routes to leverage IPL mania, startups across sectors are devising innovative ways to capitalize on the cricket fervour:
No matter which team lifts the trophy, it's already a winning season for India's startups. ?? With millions of eyeballs and billions in marketing spend up for grabs, IPL 2024 may just be the ideal launchpad for startups to hit promotions out of the park. ??
Devansh Lakhani - Angel Investor, Founder & Director - LFS
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