Wed. Sep 23rd, 2020
India Today Web Desk


Days immediately after edtech startup Unacademy was roped in by BCCI as the official spouse of Indian Premier League (IPL) for three seasons, the board announced CRED, a further Bengaluru primarily based startup also as the official spouse on Tuesday.

CRED has been named as the official spouse of IPL 2020 (BCCI Picture)

HIGHLIGHTS

  • CRED, which is an credit score card payment app, has not disclosed the sum of the deal
  • Earlier, edtech startup Unacademy was roped in by BCCI for three seasons as official spouse
  • Dream eleven had replaced Chinese mobile enterprise Vivo as the title sponsor for IPL 2020 season

IPL 2020 has turn out to be the season of Indian startups as CRED grew to become the newest to join the funds-wealthy league as its official spouse for the 13th edition. Earlier in August, the Board of Manage for Cricket in India (BCCI) has roped in a further Bengaluru primarily based startup Unacademy as its official spouse.

BCCI took to Twitter in Tuesday to make the announcement for the new deal. Board president Sourav Ganguly was fast in retweeting the submit and appreciating his staff for their fantastic operate in “difficult market place scenario”.

Nevertheless, the sum paid for the sponsorship has not been disclosed both by CRED or the BCCI.

Founded by Kunal Shah and launched in 2018, the Bengaluru primarily based credit score card payments startup has been in the information for its quick grown acceptance amongst customers. It raised money at least twice in 2019 alone. A $125 million series A round and $120 million series B funding from Sequoia, Ribbit Capital, Gemini Investments and much more. CRED has raised a complete of $175.5M in funding more than four rounds. Their newest funding was raised on Jul 26, 2019 from a Series B round, in accordance to Crunchbase. CRED’s was valued at $450 million in August 2019.

Unacademy, an edtech startup from Bangalore was also named as the official spouse of IPL 2020 in August finish.

“We are pleased to have Unacademy on board as the ‘Official Partner’ of the Indian Premier League 2020 to 2022,” IPL chairman Brijesh Patel had mentioned in a release.

“IPL is the most-watched cricket league in India and as a homegrown Indian edutech enterprise we think that Unacademy can make a massive favourable affect on the aspirations of the audience viewing, particularly the hundreds of thousands of Indian youth who are in search of inspiration in their careers,” he had additional.

In the race to turn out to be the new title sponsor for IPL 2020, immediately after Chinese mobile-maker Vivo’s exit, Sports activities fantasy platform Dream11 had pipped educational technologies firms Unacademy and BYJUs to win the rights for a time period of 4 months and 13 days with a bid of Rs 222 crore. Byju’s had submitted a bid of Rs 201 crore when Unacademy bid Rs 170 crore.



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