The Indian Premier League (IPL) 2023 has seen a 35% YoY decline in the number of startups participating in the tournament as partners or sponsors, reflecting the current funding winter and cost-cutting exercises. Despite this, Kolkata Knight Riders (KKR) and Mumbai Indians (MI) have partnered with six startups each, while Dream11 and FanCode are the top startups this year, backing six teams each. Fintech startups lead the sponsorship with six, followed by five e-commerce and four media & entertainment startups. In terms of startup segments, the growth stage has the highest representation at this year’s IPL with nine startups, and eight late-stage startups are part of the tournament.
That’s interesting information about boAt! It’s impressive that they were able to generate a profit in FY22, and their revenue from operations is quite substantial as well. Their range of products also seems quite diverse, spanning across earphones, headphones, speakers, and more. The fact that they operate across both online and offline channels could also be advantageous in reaching a wide customer base. It’s unfortunate that their IPO plans had to be put on hold, but it will be interesting to see how they continue to grow in the future.