Paytm, India’s top fintech startup is ready to end its seven-year partnership with the Board of Control for Cricket in India (BCCI). According to sources, multinational payments and technology corporation Mastercard will take over as title sponsor of all BCCI local and international events.
According to rumors, Paytm withdrew its name from the title sponsorship by demanding that its contract with BCCI be terminated early. The arrangement, which was scheduled to last until 2023, will be terminated early, with Mastercard jumping in to take over the reins from Paytm for the duration of the contract. The title sponsorship will be charged the same for Mastercard as it was for Paytm, and the transfer is expected to be completed within the next five to 10 days.
Paytm had negotiated a contract with the apex body that ran from 2015 to 2019, with the digital payment companies paying Rs. 2.4 crore each match. Paytm extended its contract with the BCCI for another four years in August 2019 in a deal for Rs 326.80 crore or Rs. 3.80 crores each match.
In another recent event, edtech unicorn Unacademy and digital brokerage unicorn Upstox have also demanded that their contracts with the BCCI be terminated. Gaurav Munjal, who started Unacademy in 2015, made the company’s intention to withdraw from the renewal known earlier this month through a tweet.