Over the past two decades, the Indian cricket team’s jersey sponsors have not only changed frequently but have also shared an uncanny pattern: most of the companies that adorned the men in blue at their peak went on to face steep challenges soon after. From Sahara to Byju’s, the list of sponsors is dotted with stories of boom followed by bust, raising questions about whether cricket’s most visible advertising slot carries with it an element of ill fortune.
Sahara
Sahara was among the earliest and most visible jersey sponsors of Indian cricket, holding the rights from 2001 to 2013. At the time, the Lucknow-headquartered conglomerate was a symbol of financial muscle, spreading across real estate, aviation, media and hospitality, while also investing in sports teams, including Formula One and an IPL franchise, Pune Warriors India. Its sponsorship cost the group Rs 3.34 crore per international match. However, its fortunes turned dramatically after the Securities and Exchange Board of India (SEBI) ordered it to refund over Rs 24,000 crore raised through bonds deemed illegal. Founder Subrata Roy was jailed in 2014, and Sahara’s withdrawal from cricket marked the beginning of a long decline from which it has never recovered.
Star India
When Star India stepped in as sponsor between 2014 and 2017, it was at the height of its powers as India’s leading broadcaster, with control of cricket broadcasting rights and a fast-growing digital arm in Hotstar. Star paid Rs 1.92 crore per bilateral match and Rs 0.61 crore per ICC match for the jersey. Within a few years, Hotstar evolved further, first integrating with Disney to tap into its global content strengths, and later joining forces with Reliance Jio to leverage its vast digital ecosystem. Alongside this, Star faced scrutiny from the Competition Commission of India for alleged abuse of dominance in sports broadcasting. While it continues to operate, it no longer commands the unmatched influence it once did.
Oppo
The next sponsor, Oppo, was emblematic of the Chinese smartphone boom in India. In 2017, it agreed to pay Rs 1,079 crore for a five-year deal, Rs 4.61 crore per bilateral match and Rs 1.51 crore for ICC matches, outbidding rivals for visibility on one of India’s biggest cultural symbols. At the time, Oppo was among India’s top smartphone brands, supported by heavy offline distribution and celebrity marketing. However, Oppo exited the sponsorship early in 2019, transferring the contract to Byju’s. Thereafter, geopolitical tensions and anti-China sentiment following the 2020 border clashes, combined with large tax notices of Rs 4389 crore, weighed heavily on the brand. While still operational, Oppo’s market share has slipped, and its presence in India remains under pressure.
Byju’s
Byju’s, which replaced Oppo in 2019, was then the face of India’s edtech boom. With a peak valuation of $22 billion, aggressive global acquisitions worth $2.8 billion, and heavy reliance on pandemic-era digital adoption, the company epitomised startup ambition. Byju’s retained Oppo’s sponsorship deal, worth over Rs 1,000 crore till 2023, even as it defaulted on dues of Rs 158 crore to the BCCI. Soon after, the company spiralled into a financial crisis—facing insolvency pleas, auditor resignations, and large-scale layoffs. In 2024, Byju’s entered bankruptcy proceedings, with assets under auction and founder Byju Raveendran facing regulatory probes. Its fall has become one of India’s most dramatic startup cautionary tales.
Dream 11
The current sponsor, Dream11, entered the jersey in 2023 with a Rs 358 crore deal running till 2026, after briefly serving as IPL’s title sponsor in 2020 with a Rs 222 crore bid. At its peak, the fantasy sports platform was valued at $8 billion with more than 200 million users. Yet, regulatory developments have cast a shadow on its future. Following a massive GST demand of over Rs 28,000 crore and the recent passage of the Online Gaming Bill, 2025, banning real-money games, Dream11’s business model faces an existential crisis. Industry estimates suggest losses of Rs 15,000–20,000 crore sector-wide, with Dream11 among the worst-hit.
Though not a jersey sponsor, Lava, the Indian mobile handset maker, also dabbled in IPL sponsorships, including with Punjab Kings in 2024. Unlike others, Lava has not yet faced a significant downturn, but its inclusion in the pattern is more symbolic than substantive.
Whether coincidence or not, the jersey sponsorship story underlines a striking reality: brands that seek visibility on Indian cricket’s most coveted space often do so at the height of their ambition, when expansion and risk-taking are at their peak. That same ambition, magnified by the glare of cricket’s mass audience, can leave them exposed when markets shift or regulators close in. The “jersey jinx,” then, is less about superstition and more about a recurring cycle of overreach, scrutiny and decline, reminding companies that not all that glitters on the cricket field translates into enduring business success.