IPL 2020 gets another startup sponsor – Kunal Shah’s CRED is now an official partner

• The Kunal Shah-led startup joins the likes of Dream11, Unacademy, and Paytm to become sponsors of the IPL.
• The Bengaluru-based credit card bill payment startup didn’t disclose the amount paid for the sponsorship.
• Launched in November 2018, the credit card payments startup has been in the news for its fast-growing popularity among users.

The Board of Control for Cricket in India officially announced startup CRED as the official partner of the IPL. With this, the Kunal Shah-led startup joins the likes of Dream11, Unacademy, and Paytm to be sponsors of the IPL.


At the end of every game, CRED will reward the Payer of the Match where the 100th or the highest bill-payer during each match will win ₹100,000 in prize money, said the company's statement. “IPL 2020 is kicking off the festive season this year, and at CRED we wanted to make the party extra special for millions of cricket lovers tuning in. As much as cricket is about discipline and strategy, it’s also a rewarding experience for players and viewers. By making credit card bill payments equally delightful, we are incentivizing every credit card-holder watching the matches to make digital payments, clear debt and improve their credit scores," said Kunal Shah, Founder & CEO, CRED.

As the IPL slowly rolls out its official sponsors for the 2020 edition to be held in UAE from September 19, more and more startups are emerging as the money backers. While Dream11 is the title sponsor, Unacademy is another official partner, Paytm is the official Umpire’s partner for IPL, while gaming platform Mobile Premier League is sponsoring the Virat Kohli led team Royal Challengers Bangalore.

The Bengaluru-based credit card bill payment startup didn’t disclose the amount paid for the sponsorship. According to reports, it could have paid as much as Unacademy did – ₹120 crore.

Launched in November 2018, the credit card payments startup has been in the news for its fast grown popularity among users. It raised funds twice in 2019 alone – $125 million series A round and $120 million series B funding from Sequoia, Ribbit Capital, and more. Its last known valuation from August 2019 is $450 million.

Earlier this year as the coronavirus pandemic began. CRED had launched new features like CRED RentPay, which allows members to pay monthly rent with their credit cards and CRED Stash, which claimed to be “designed to be the fastest, most seamless and fully digital way to get credit in India”.

The app has over 3 million users.


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