Online payment platform FreeCharge announced that it will be on-ground partner for the Indian Premier League (IPL) for the next two years. FreeCharge’s chief operating office Govind Rajan said that the company will be spending over Rs 100 crore in the sponsorship, alliances and promotions during the cricket tournament.
As the official partner, FreeCharge’s branding will be prominently visible on all major indoor and outdoor platforms of IPL during all the seasons.
This isn’t the first time a digital service has gotten sponsorship with a cricketing event. Earlier this year, Paytm purchased the rights for title sponsorship from the BCCI for all home series to be played in India till 2019. According to the deal, Paytm would pay Rs 2.42 crore per international match hosted in the country, of which 84 matches are already scheduled. This comes to around Rs 203.28 crore, without counting any matches that might be scheduled in the future.
Other developments at FreeCharge
– Freecharge launched the digital wallet in partnership with the private sector lender YES Bank. It claimed to have crossed 5 million mobile wallet users in 4 weeks of its launch. The company said that on an average, users transacted over 5 times a month, while an average of 50% users transacted every month on Freecharge.
– In April, FreeCharge was acquired by ecommerce player Snapdeal for a reported $450 million, the biggest deal in the Indian consumer internet industry.
– In February, Freecharge raised $80 million from San Francisco-based hedge fund Valiant Capital Management and Hong Kong-based hedge fund Tybourne Capital Management, with participation from existing investors.