The digital payments firm is the official co-presenting sponsor for the television broadcast of IPL 2021 on Star Sports Network
PhonePe on Thursday announced it has taken up six different sponsorships for the upcoming season of Indian Premier League (IPL).
The digital payments firm is the official co-presenting sponsor for the television broadcast of IPL 2021 on Star Sports Network. It is also the associate sponsor for the digital broadcast of IPL on Disney+Hotstar. Additionally, PhonePe is also sponsoring four IPL franchises — Mumbai Indians, Chennai Super Kings, Royal Challengers Bangalore & Delhi Capitals, the company said in a statement.
The aim behind this marketing blitz is to get more customers to use PhonePe’s services. “The focus of the marketing activities will largely be on expanding the user base from 280 million currently to 500 million by December 2022 and drive preference for PhonePe among millions of new-to-digital users,” the company said.
PhonePe has been associated with IPL in the past. However, this year the company is mounting a bigger campaign which will run equally aggressively across multiple platforms, including TV, digital and social media. The 2020 edition of the marquee sporting event which was played sans audience in the UAE recorded a 23% jump in viewership over 2019. According to Barc India, the tournament registered 405 million viewers and a total of 400 billion viewing minutes on TV.
“We have invested even more heavily on IPL this year, taking up six different sponsorships…it is our ambition to bring digital payments to every Indian household,” founder & CEO Sameer Nigam said.
Last year, PhonePe raised a chunky $700 million in primary equity capital led by Walmart at a post-money valuation of $5.5 billion. The firm plans to spend a good part of the money to penetrate rural India, across states, in the next two years. The company that competes with deep-pocketed players like Paytm, Amazon Pay and Google Pay recently said it has emerged as the largest player on UPI merchant (P2M) transactions, capturing over 42% of the overall market share.
The firm’s marketing interventions will run through the year with a focus on the upcoming IPL 2021, it added.