The Board of Control for Cricket in India (BCCI) has officially announced startup CRED as the latest partner of the Indian Premier League (IPL). Led by Kunal Shah, CRED now joins the ranks of Dream11, Unacademy, and Paytm as sponsors of the IPL.
Rewarding Credit Card Bill Payers
At the conclusion of each game, CRED will recognize the “Payer of the Match,” where the 100th or highest bill-payer during each match will receive a prize of ₹100,000, as per the company’s statement. Kunal Shah, Founder & CEO of CRED, expressed excitement about enhancing the IPL experience for cricket enthusiasts. He emphasized the initiative’s goal of incentivizing credit card bill payments, promoting digital transactions, debt clearance, and credit score improvement among viewers.
Emergence of Startups as IPL Sponsors
As the IPL gears up for its 2020 edition in the UAE starting from September 19, several startups are stepping up as sponsors. While Dream11 holds the title sponsorship, Unacademy is another official partner, and Paytm is the official Umpire’s partner. Additionally, gaming platform Mobile Premier League is sponsoring the Royal Challengers Bangalore team led by Virat Kohli.
The Bengaluru-based credit card bill payment startup, CRED, did not disclose the sponsorship amount. However, reports suggest it could be in the range of ₹120 crore, akin to Unacademy’s investment.
CRED’s Journey and Recent Initiatives
Established in November 2018, CRED has rapidly gained popularity among users. It secured funding twice in 2019 alone, with a $125 million Series A round and a $120 million Series B round from investors like Sequoia and Ribbit Capital. As of August 2019, its valuation stood at $450 million.
Amidst the COVID-19 pandemic earlier this year, CRED introduced new features such as CRED RentPay, enabling members to pay monthly rent with their credit cards, and CRED Stash, offering a seamless and digital credit experience in India.
With over 3 million users, CRED continues to innovate in the fintech space while leveraging strategic partnerships like its latest collaboration with the IPL, enriching the sports viewing experience while promoting financial discipline and digital transactions.
