The Board of Control for Cricket in India (BCCI) on Tuesday announced Bangalore based credit card bill payment platform CRED as an official partner of the Indian Premier League (IPL) 2020.
"BCCI announces CRED as Official Partner for IPL #Dream11IPL," tweeted IPL.
BCCI President Sourav Ganguly congratulated the board on the deal despite of the market situation. "Well done bcci and team ..in spite of tuff markets ..," the former Indian captain wrote.
"We are very pleased to have CRED on board as the 'Official Partner' of the Indian Premier League 2020 to 2022. IPL is one of the most innovative sporting leagues of the world and we are delighted to have a brand as unique and innovative as CRED partner us. I am sure more people across the country will take notice of them as we embark on this exciting journey," IPL chairman Brijesh Patel said in a statement.
What you need to know about CRED?
Launched in November 2018, CRED is a members-only club that rewards individuals for their timely credit card bill payments by providing them with exclusive offers and access to premium experiences. According to their official website, it is a platform that allows credit card users to manage multiple cards along with an analysis of their credit score.
"Among many of the features in the app are CRED's credit card spend tracking and management feature which provides the user with analysis of spend tracking and efficiency of usage of the card," reads the website.
According to a report, "It (CRED) 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, CRED had launched new features like CRED RentPay and CRED Stash. CRED RentPay allowed members to pay their monthly rent with their credit cards, while CRED Stash is claimed to be the "fastest, most seamless and fully digital way to get credit in India".
CRED founder and CEO Kunal Shah said he was extremely pleased to be associated with IPL, which without a question is among the most high-profile events on the world's sporting calendar.
"IPL represents the pinnacle of consumer experiences, powered by a global community of cricketers, fans and enthusiasts. We look forward to participating in this festival of sporting excellence, which celebrates peak performance for the individual, the team and the community," Shah said.
Earlier, fantasy gaming platform Dream XI became the title sponsor of the IPL.