IndusInd Bank, a leading financial institution in India, has announced a significant multi-year sponsorship deal with the International Cricket Council (ICC). The partnership is set to commence with the highly anticipated Men’s Cricket World Cup, which is scheduled to begin on October 5th, showcasing the world’s best cricketing talent on the Indian subcontinent.
The Multi-Year Deal’s Impressive Valuation
The multi-year sponsorship agreement between IndusInd Bank and the ICC is valued at $20-$24 million (approximately Rs 160-200 crore). This substantial financial commitment underscores the bank’s dedication to supporting the sport of cricket and its global reach through this prestigious partnership.
Mastercard Joins as Top-Tier Sponsor
In addition to IndusInd Bank’s exciting announcement, Mastercard has also stepped up to become a top-tier sponsor for the upcoming ICC Cricket World Cup 2023. This move solidifies Mastercard’s commitment to the world of cricket and showcases the sport’s widespread appeal and global significance.
A Shift in Sponsorship Landscape
The news of IndusInd Bank and Mastercard taking up top-tier sponsor positions comes as a result of a significant shift in the sponsorship landscape for the ICC. It has been reported that digital payments platform BharatPe and edtech giant Byju’s have decided to prematurely end their association with the ICC due to financial challenges.
This decision places BharatPe and Byju’s in a category with other tech startups, including Unacademy, MPL, and Paytm, which have also scaled back their sponsorship investments. These adjustments are attributed to a decline in private equity funding and a growing focus on achieving profitability in a rapidly evolving business environment.
The Stellar Lineup of ICC’s Top-Tier Sponsors
IndusInd Bank and Mastercard are now part of an exclusive group of top-tier sponsors for the ICC, joining the ranks of esteemed companies such as MRF Tyres, Booking.com, Aramco, and Emirates. These partnerships not only contribute to the growth and promotion of cricket but also serve as a testament to the enduring appeal and global influence of the sport.
IndusInd Bank: A Leading Financial Services Institution in India
IndusInd Bank Limited, a financial services institution headquartered in Mumbai, Maharashtra, was established in April 1994. It holds a prominent position in India’s financial services sector, catering to approximately 35 million customers nationwide. The bank offers a wide range of products and services designed for both individuals and businesses, including microfinance, personal loans, personal and commercial vehicle loans, credit cards, and SME loans, among others.
With a vast presence, the bank operates through 2,606 branches and banking outlets, in addition to 2,875 ATMs strategically placed across India, covering 138,000 villages. Moreover, IndusInd Bank maintains representative offices in key international hubs like London, Dubai, and Abu Dhabi.
Key takeaways for competitive examinations
- Managing Director and CEO of IndusInd Bank Limited: Sumant Kathpalia