Celebrated cricket tournament Indian Premier League (IPL) has received sponsorships from the mutual fund distribution industry as well.
Two online mutual fund distribution platforms - Groww and Upstox have reportedly become official sponsors of IPL 2021.
According to a report by Mint, Groww has signed a 3-year agreement with IPL for sponsorship by paying Rs.45 crore per annum. Groww offers direct mutual fund and stock trading services to investors. Four ex Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal started Groww together.
Online discount broking and MF distribution firm Upstox has also joined the list of IPL sponsors, said reports. Upstox offers stock broking services, mutual funds and global investment to investors. Upstox is backed by Ratan Tata. Upstox is said to have signed a 2-year agreement by paying Rs.45 crore per annum.
Upstox could not be reached while Groww refused to comment.
