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| Unacademy bids Sponser for IPL 2020, After Vivo suspension |
Unacademy have picked the bid papers for IPL 2020's title sponsorship rights after Vivo's suspension There are a number of major brands in the fray to become IPL 2020's main sponsor. The likes of Byju's, Amazon and Patanjali among aothers have expressed interest in becoming IPL 2020's title sponsor
The race for Indian Premier League (IPL) 2020's title sponsorship rights has begun with several major brands expressing their interest in becoming the new main sponsor of the cash-rich league. Education Technology firm Unacademy has also joined the race and has already picked the bid papers as they aim to replace Chinese phone makers Vivo as the new sponsor for IPL's upcoming edition which is all set to take place in the UAE.
Unacademy will soon submit its bid for the sponsorship rights as BCCI eyes a figure of around Rs 300 crore for this year's edition. BCCI suspended their deal with Chinese brand Vivo last week due to the ongoing political tensions between India and China following the Galwan Valley clash between the troops of the two nations.
A BCCI official told news agency PTI that the Unacademy have picked the bid papers and are pretty serious about becoming IPL 2020's main sponsor. They are expected to face intense competition from the likes of Byju's, Coca-Cola, Patanjali and Amazon among others who have also expressed interest in becoming IPL 2020's main sponsor.
“I can confirm that Unacademy has shown interest and picked the bid papers. I have heard they will be submitting a bid and are pretty serious. So Patanjali if they bid, will have competition,” a senior BCCI official was quoted as saying by PTI. Unacademy is already in IPL's central sponsorship pool but are now eyeing title sponsorship rights for the upcoming season.
The bidding process for the title sponsorship rights has already begun and will be concluded on August 18. The new title sponsor will hold the rights from 4.5 months as Vivo is expected to return as title sponsor once again next year. BCCI earned Rs 440 crore per year approximately from Vivo for the title sponsorship rights but will be happy with a figure of around Rs 300 crore this year in a COVID-stricken market.
An industry source told PTI that Unacademy is preparing a bid and is ready to take a big plunge in the market by bagging IPL 2020's sponsorship rights.
“Unlike some of the other Edu-Tech apps, Unacademy has 100 per cent Indian investment. And four and half months is the perfect time to get associated with a brand like IPL and broaden their horizons in terms of brand outreach,” an industry insider, privy to the Edu-tech company’s preparations, was quoted as saying by PTI.