The 37th edition of the National Games kicked off in style as Paytm, India’s renowned fintech giant, emerged as the official sponsor. The tournament was inaugurated with great fervor by Prime Minister Narendra Modi at the Jawaharlal Nehru Stadium in Fatorda, South Goa.
National Games: A Grand Sporting Spectacle with Olympic Parallels
The National Games, which bear a striking resemblance to the Olympics, are taking place from October 26 to November 9, 2023, and feature over 10,000 athletes from across the nation competing in 43 different sports disciplines across 28 venues. This edition is unique, boasting the participation of 28 Indian states and 8 union territories.
Paytm’s Multifaceted Partnership
Paytm’s involvement doesn’t stop at being the official sponsor of the National Games. As part of this endeavor, Paytm, under the leadership of Vijay Shekhar Sharma, has committed to introducing QR codes, soundbox technology, and card machines across various government departments, including panchayats and municipalities in the state. This initiative is poised to significantly streamline payment processes, promote transparency, and pave the way for a more digitalized administration.
Advertising and Sponsorship: A Winning Strategy
Sporting events, with their substantial viewership and immense popularity, have become a prime avenue for companies to establish brand recognition through advertising and sponsorship deals. It’s not just established companies; startups in India are also increasingly investing in sports events, particularly those related to cricket, for advertising and promotions. This year’s Indian Premier League (IPL) witnessed the participation of at least 19 startups in sponsorship deals, including Paytm.
Paytm’s Strong Performance Amidst Industry Challenges
Despite a challenging economic climate in the startup ecosystem, Paytm has shown remarkable resilience and growth. Paytm reported a 49% year-on-year decline in its consolidated net loss at INR 291.7 Crores for the quarter ending in September 2023. Operating revenue, however, soared, jumping 31% to INR 2,518.6 Crores, driven by robust growth in its payments and financial services business.