IPL 2023 loses sponsors as startups and unicorns rationalise costs

Share via:

Due to the so-called funding winter and a global reset in the technology industry, many consumer internet companies that have been major sponsors and advertisers in previous Indian Premier League (IPL) tournaments are sitting out this year’s edition. Among them are Byju’s, Unacademy, PhonePe, Amazon Prime, Pristyn Care, Zepto, Ather Energy, Niyo, and Spotify.

According to Venture Intelligence data, venture funding into Indian startups fell by a third to $23.9 billion in 2022, down from $35.5 billion in 2021, prompting startups and unicorns to rationalise their costs and cut back on expenditures. According to a report by the industry groups IVCA and EY, venture capital funds’ investments in startups fell by 27% in April 2022, to $1.6 billion over 82 acquisitions.

Over 60 companies signed up as official on-ground partners, streaming partners, and team sponsors for the IPL 2022, representing a surge in startup participation. The official broadcaster, Star Sports, secured 14 sponsors, with eight of them being startups. Associate sponsors include CRED, PhonePe, Spotify, Swiggy Instamart, and Meesho, while Dream11, Tata Neu, and Byju’s are co-presenting sponsors.

Similarly, Dream11, CRED, Tata Neu, Zepto, Spinny, Pristyn Care, Swiggy, RuPay, Ather, Livspace, NiyoX, and Spotify were 12 of the 18 advertisers on Disney+Hotstar. In addition, over 40 startups provided funding to various teams, some of which supported multiple franchises. The IPL 2022 had truly evolved into a startup festival.

Other tech startups that have previously sponsored specific IPL teams, such as Meesho and Cars24, are also skipping the tournament this season. Ather Energy, on the other hand, will continue to work with the Gujarat Titans.

Dream11, Cred, Upstox, and Swiggy Instamart are among the more recent companies to join the Board of Control for Cricket in India (BCCI) as official IPL partners. According to media reports, some new-economy companies are still negotiating spot advertising deals with broadcasting and streaming platforms rather than signing up as full-time sponsors.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

IPL 2023 loses sponsors as startups and unicorns rationalise costs

Due to the so-called funding winter and a global reset in the technology industry, many consumer internet companies that have been major sponsors and advertisers in previous Indian Premier League (IPL) tournaments are sitting out this year’s edition. Among them are Byju’s, Unacademy, PhonePe, Amazon Prime, Pristyn Care, Zepto, Ather Energy, Niyo, and Spotify.

According to Venture Intelligence data, venture funding into Indian startups fell by a third to $23.9 billion in 2022, down from $35.5 billion in 2021, prompting startups and unicorns to rationalise their costs and cut back on expenditures. According to a report by the industry groups IVCA and EY, venture capital funds’ investments in startups fell by 27% in April 2022, to $1.6 billion over 82 acquisitions.

Over 60 companies signed up as official on-ground partners, streaming partners, and team sponsors for the IPL 2022, representing a surge in startup participation. The official broadcaster, Star Sports, secured 14 sponsors, with eight of them being startups. Associate sponsors include CRED, PhonePe, Spotify, Swiggy Instamart, and Meesho, while Dream11, Tata Neu, and Byju’s are co-presenting sponsors.

Similarly, Dream11, CRED, Tata Neu, Zepto, Spinny, Pristyn Care, Swiggy, RuPay, Ather, Livspace, NiyoX, and Spotify were 12 of the 18 advertisers on Disney+Hotstar. In addition, over 40 startups provided funding to various teams, some of which supported multiple franchises. The IPL 2022 had truly evolved into a startup festival.

Other tech startups that have previously sponsored specific IPL teams, such as Meesho and Cars24, are also skipping the tournament this season. Ather Energy, on the other hand, will continue to work with the Gujarat Titans.

Dream11, Cred, Upstox, and Swiggy Instamart are among the more recent companies to join the Board of Control for Cricket in India (BCCI) as official IPL partners. According to media reports, some new-economy companies are still negotiating spot advertising deals with broadcasting and streaming platforms rather than signing up as full-time sponsors.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at [email protected]

More like this

This Week on Crypto Twitter: SBF Resurfaces, Yuga Labs...

Just when you thought the world was ready...

Security Bite: Jamf warns cyber hygiene among many Apple-using...

Hey, Arin here. Last week was the busiest...

Apple’s wearable ideas include smart glasses and cameras in...

Apple’s future roadmap for wearables may include AI-powered...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!