The Indian Premier League offers unrivalled visibility—but for startups, success depends on more than deep pockets. Founders and strategists explain why IPL can be a launchpad or a landmine.
When should a startup buy into the Indian Premier League (IPL)? At first glance, the answer seems straightforward: when they can afford it. But ask any seasoned marketer, and the picture becomes far more complex.
With a valuation of $12 billion in 2024, the IPL isn’t just a sporting spectacle—it’s India’s most valuable marketing real estate. For startups, the opportunity is tantalising: instant visibility, mass reach, and a seat at the big-brand table. But the stakes are high, and missteps can be fatal.
“If you have money to burn and want a shortcut to fame, IPL is your platform. Otherwise, avoid it like the plague,” says Siddhartha Singh, COO, Infectious Advertising.
When Visibility Becomes a Gamble
The cautionary tale of Dunzo is still fresh in industry memory. Riding high on a $200 million investment from Reliance, the quick-commerce startup spent ₹40 crore (approx. $4.6 million) on a 20-second IPL campaign in 2022. App traffic spiked. Visibility surged. But months later, cracks began to show.
By 2023, Dunzo was grappling with unpaid vendor dues totalling over ₹11 crore, including to platforms like Facebook and Google. The issue wasn’t the IPL spend alone, but a broader strategic misalignment—chasing rapid growth in a fiercely competitive space without stable unit economics.
“There’s growing awareness that big visibility doesn’t equal long-term value,” says Ambika Sharma, Founder, Pulp Strategy. “If the fundamentals aren’t in place, a splashy IPL campaign can drown you just as easily.”
When It Works: The CRED Playbook
Not all IPL bets end in regret. Consider CRED, which entered the arena in 2020 with a ₹120 crore investment across three seasons. Instead of a hard sell, it went quirky—casting Bollywood stars in self-deprecating “audition” ads, with the now-iconic tagline: “Not Everyone Gets It.”
The payoff? A 700% spike in app downloads and virality that culminated in the now-legendary “Indiranagar ka Gunda” spot starring Rahul Dravid.
“In a space where everyone’s shouting, CRED got noticed by being clever,” says Mahima Goel, Head of Strategy at Punt Partners. “IPL gives you the mic—but you still need something worth saying.”
Even so, CRED’s performance post-IPL hasn’t been without turbulence. Losses grew to ₹1,347 crore in FY23, and its user growth slowed, leading the brand to pivot towards out-of-home campaigns with slogans like “Our Only Ad This Year.”
The lesson? Even successful IPL plays must be backed by long-term brand and business coherence.
What IPL Really Offers: Visibility, Not Validation
“Founders often believe an IPL presence will boost their next funding round,” says Mohit Hira, Venture Partner at YourNest Venture Capital. “But investors aren’t fooled. They want metrics, not media impressions.”
Startups must distinguish between awareness and traction. IPL can put a brand on the map—but it can’t build retention, unit economics, or product-market fit. And in a sea of 1,100+ advertisers (as seen on JioCinema), even visibility isn’t guaranteed.
Hira likens IPL spending without strategy to “hitting the casino one evening.”
So, When Is the Right Time?
Across conversations, a consensus emerges: startups should only enter IPL when they’re truly ready—financially, strategically, and operationally.
“You need strong data infrastructure, funnel clarity, marketing automation, and retention before playing at this level,” says Sharma. “IPL doesn’t replace your fundamentals—it magnifies them.”
Goel outlines two scenarios where the investment makes sense:
- Mature brands with solid traction looking to scale visibility.
- Well-funded new entrants seeking a dramatic market entry.
“CRED was unknown before its IPL debut. They had funding and a point of view. That combination made their bet work,” she says.
Singh agrees: “IPL is a platform to amplify momentum, not generate it from scratch.”
The ROI Equation
IPL’s ROI can’t be measured like a typical performance campaign. It’s about brand recall, market legitimacy, and consumer affinity—intangibles that materialise over time.
But the cost is real. Startups must weigh it against the opportunity cost of alternative, more trackable channels.
“Don’t expect IPL to solve your business challenges,” says Hira. “If you’re not ready to follow through with sustained marketing post-tournament, skip it.”
Where Startups Are Spending Instead
For most early-stage companies, the smarter bet is performance marketing, influencer partnerships, and content-led storytelling—channels that offer flexibility, lower costs, and tangible results.
“Every rupee has to work hard in a startup. Targeted, ROI-driven campaigns deliver more value,” says Goel. “That’s why tactics like hack-vertising and community-driven content win out over big-ticket spends.”
These approaches let startups test, iterate, and scale with accountability—something IPL’s massive spend-and-hope model can’t offer.
Dos & Don’ts of IPL Marketing
If a startup is ready to take the IPL plunge, experts suggest following a disciplined framework:
✅ Dos:
- Ensure product-market fit, user retention, and scalable infrastructure.
- Align IPL with a larger brand narrative or launch moment.
- Build a 360° plan: digital, creator-led, and owned channel amplification.
❌ Don’ts:
- Don’t use IPL to paper over business cracks.
- Don’t expect visibility alone to deliver results.
- Don’t treat it as a standalone “moment”—integrate into a broader growth strategy.
“IPL amplifies what’s already working,” says Singh. “It doesn’t fix what’s broken.”
Emerging Alternatives
Startups that can’t—or shouldn’t—play the IPL game are finding meaningful alternatives:
- Pro Kabaddi League offers deep reach into Tier II & III India.
- Formula 1 is gaining traction post-Netflix’s Drive to Survive.
- Regional activations and creator campaigns offer precise engagement at a fraction of the cost.
“F1 is the fastest-growing sport in India right now,” says Goel. “Forward-thinking brands are paying attention.”
Sharma adds that platforms like IPL have their place—but they’re not the only cultural moments worth tapping into.
“Today’s strategy is about meeting your customer where they are—on their screen, in their city, or in their world. Whether that’s IPL or something smaller, the goal is the same: relevance.”
Final Take: IPL Is Not a Shortcut. It’s a Scale Test.
Startups chasing IPL stardom must ask the right question—not “Can we afford to do it?” but “Can we afford not to be ready?”
“Performance marketing isn’t the enemy of brand-building,” says Gupta. “The most effective brands master both.”
If you’re a startup dreaming of the big stage, know this: IPL won’t validate your business. But if you’ve earned your place, it might just launch you into orbit.
