Mumbai Indians (MI), one of the heavyweight sides from Indian domestic cricket’s prestigious Indian Premier League (IPL), have brought on board fintech start-up Slice Pay as a principal commercial partner in a three-year deal worth over $15 million in total.
The agreement, which starts immediately and runs through until the end of the 2024 IPL, sees Slice Pay become MI's front-of-shirt sponsor for the length of the deal.
The company’s logo will appear on the front of the MI matchday shirts for the next three years of the iconic Twenty20 league in a deal that marks Slice Pay’s debut in terms of major sports sponsorship.
GlobalData Sport has been told the deal represents one of the most lucrative commercial arrangements struck in Indian cricket.
During the 2021 IPL (which had to be played in two stints due to the Covid-19 pandemic), MI's major principal sponsor was international logistics company DHL.
Korean electronics giant Samsung, meanwhile, was the team’s previous front-of-shirt partner, during an era in which MI won both the 2019 and 2020 IPLs.
Rajan Bajaj, Slice Pay’s chief executive and founder, said: “Being a successful team in the IPL with five titles to its name, Mumbai Indians inspires not just fans, but also entrepreneurs like me with the team’s passion, focus, and persistent spirit.”
MI added: “We wanted to partner with a brand with whom we shared common values. This deal is testament to how a millennial brand like Slice trusts us as their preferred partner to connect with their young customers.”
Last week, Tata Group, the Indian conglomerate with a myriad of subsidiaries in multiple sectors, replaced Chinese mobile phone manufacturer Vivo as title sponsor of the 2022 IPL.
The IPL governing council told the 10 member franchises that Tata would be replacing Vivo, which had only returned to its major role last season, and, according to reports, that the group would be in place as title partner for the next two seasons - 2022 (expected to start in mid-March) and 2023.
Although official dates for this year’s IPL have not yet been confirmed, it has been reported the 2022 edition will start on April 2 and last until June 3.
It has also been suggested that, because of rising Covid-19 rates across India, the entire tournament could be held in the state of Maharashtra and in particular in the two cities of Mumbai and Pune.