Paytm, mobile marketplace and digital payment services firm, will be the title sponsor for all international and domestic cricket matches played in India. Paytm will pay Rs. 203 crore to the Board of Control for Cricket in India (BCCI) for acquiring the title sponsorship rights for all the 84 matches — Tests, one-day internationals and T20s to be played by India till 2019.
Paytm also plans to invest another Rs. 500 crore in sports, including hockey, in the next four years. Paytm, owned by One97 communications, won the bid against home-grown mobile handset maker Micromax. Micromax had won the title sponsorship last year at Rs. 2.02 crore per match.
Interestingly, Paytm recently got $635 million from China’s internet consumer giant Alibaba. The deal with the BCCI is an attempt to catapult itself into the big league with other e-commerce brands such as Flipkart and Snapdeal. Paytm also has the backing of former Tata Sons chairman Ratan Tata. Paytm currently has two businesses, Wallet and e-Commerce. The wallet business rakes in about 60 per cent of overall revenues, while e-commerce accounts for the rest.