Digital stockbroking firm Upstox is looking to strengthen its association with the gentleman's game. After becoming an official partner of the Indian Premier League (IPL), Upstox is exploring a sponsorship deal with International Cricket Council (ICC).
While the IPL deal is signed and sealed, the company is yet to sign a deal with ICC as the talks are still on. "Upstox is exploring a sponsorship deal with ICC. The deal has not been signed as the talks are still on," a source close to the development said.
The source added that Upstox's sponsorship deal with IPL is for a period of two years with an option to extend it for another year. The company will pay an estimated Rs 40-45 crore per year for the sponsorship deal.
Upstox became the fifth brand to become an official IPL partner. Vivo is the title sponsor while Dream11, Unacademy, and Cred are official partners. Paytm and Ceat are umpire and strategic time-out partners respectively.
ICC has a long list of on-ground sponsors which includes Nissan, Oppo, MRF, Booking.com, Byju's, and Emirates as global partners. Moneygram, Bira, Star Sports, and Coca-Cola are official partners while Royal Stag, UBP, Dream11, and smartcricket.com are category partners.
For FY20, Upstox had reported a consolidated net loss of Rs 37.05 crore. Revenue stood at Rs 163.39 crore while expenses were reported at Rs 200.4 crore. It competes with Zerodha, Paytm Money, and Groww in the digital stockbroking segment.
The source added that Upstox's sponsorship deal with IPL is for a period of two years with an option to extend it for another year. The company will pay an estimated Rs 40-45 crore per year for the sponsorship deal.
Upstox became the fifth brand to become an official IPL partner. Vivo is the title sponsor while Dream11, Unacademy, and Cred are official partners. Paytm and Ceat are umpire and strategic time-out partners respectively.
ICC has a long list of on-ground sponsors which includes Nissan, Oppo, MRF, Booking.com, Byju's, and Emirates as global partners. Moneygram, Bira, Star Sports, and Coca-Cola are official partners while Royal Stag, UBP, Dream11, and smartcricket.com are category partners.
For FY20, Upstox had reported a consolidated net loss of Rs 37.05 crore. Revenue stood at Rs 163.39 crore while expenses were reported at Rs 200.4 crore. It competes with Zerodha, Paytm Money, and Groww in the digital stockbroking segment.