BCCI announces CRED as official partner, Sourav Ganguly lauds his team's effort
IPL 2020 has become the season of Indian startups as CRED became the latest to join the cash-rich league as its official partner for the 13th edition. Earlier in August, the Board of Control for Cricket in India (BCCI) has roped in another Bengaluru based startup Unacademy as its official partner. BCCI took to Twitter in Tuesday to make the announcement for the new deal. Board president Sourav Ganguly was quick in retweeting the post and appreciating his team for their great work in a "tough market situation".
Well done bcci .. in this tuff market situation .. https://t.co/JMC9ptWTFN— Sourav Ganguly (@SGanguly99) September 1, 2020
However, the amount paid for the sponsorship has not been disclosed either by CRED or the BCCI. Founded by Kunal Shah and launched in 2018, the Bengaluru based credit card payments startup has been in the news for its fast grown popularity among users. It raised funds at least twice in 2019 alone. A $125 million series A round and $120 million series B funding from Sequoia, Ribbit Capital, Gemini Investments, and more. CRED has raised a total of $175.5M in funding over 4 rounds.
Their latest funding was raised on Jul 26, 2019, from a Series B round, according to Crunchbase. CRED's was valued at $450 million in August 2019. Unacademy, an edtech startup from Bangalore was also named as the official partner of IPL 2020 in August end. "We are pleased to have Unacademy on board as the 'Official Partner' of the Indian Premier League 2020 to 2022," IPL chairman Brijesh Patel had said in a release.
"IPL is the most-watched cricket league in India and as a homegrown Indian edutech company we believe that Unacademy can create a huge positive impact on the aspirations of the audience watching, especially the millions of Indian youth who are seeking inspiration in their careers," he had added. In the race to become the new title sponsor for IPL 2020, after Chinese mobile-maker Vivo's exit, Sports fantasy platform Dream11 had pipped educational technology companies Unacademy and BYJUs to win the rights for a period of four months and 13 days with a bid of Rs 222 crore. Byju's had submitted a bid of Rs 201 crore while Unacademy bid Rs 170 crore.