SUMMARY
The 37th National Games, being held in Goa from October 26 to November 9, was inaugurated by Prime Minister Narendra Modi this week
Paytm has also become the exclusive mobile payments partner for the Goa government for its digitalisation endeavours
The fintech giant reported a 49% year-on-year decline in its consolidated net loss to INR 291.7 Cr for the quarter ended September 2023
Fintech giant paytm
has become the official sponsor for the ongoing 37th edition of the National Games, being held in Goa.
Prime Minister Narendra Modi inaugurated the tournament at the Jawaharlal Nehru Stadium in Fatorda, South Goa.
Besides the sponsorship, Paytm said it has also become the exclusive mobile payments partner for the Goa government for its digitalisation endeavours. The Vijay Shekhar Sharma-led company would introduce QR codes, soundbox, and card machines in multiple government departments, including panchayats and municipalities, in the state.
Commenting on the sponsorship deal, Abhay Sharma, chief business officer of payments at Paytm, said, “We are excited to be the official sponsor for the National Games in Goa. As pioneers of mobile payments in India, we have been working towards our mission to bring half a billion Indians into the mainstream economy. From our leadership in in-store payments, empowering merchants with digitalisation of their business to enable users with seamless and accessible payments, we are championing Digital India.”
The 37th edition of the National Games is being held from October 26 to November 9. It involves over 10,000 athletes from across the country competing in 43 sports disciplines at 28 venues.
The National Games, styled after the Olympics, will feature the participation of 28 states and 8 union territories.
Sports events, with their high viewership, provide companies a good opportunity to build mindshare through advertising and sponsorship deals. Reliance Industries Ltd, which released its financial results for the quarter ended September on Friday, credited sports for the growth of its OTT platform JioCinema.
While startups are known to spend big on advertising for rapid growth, sporting events, especially related to cricket, are preferred by them for splurging on promotions.
Despite the funding winter wreaking havoc in the Indian startup ecosystem, the Indian Premier League (IPL) this year saw at least 19 startups, including Paytm, sign sponsorship deals.
Earlier this year, the Board of Control for Cricket in India (BCCI) also announced fantasy gaming unicorn Dream11 as the Indian cricket team’s new lead sponsor.
Meanwhile, Paytm, earlier this month, reported a 49% year-on-year decline in its consolidated net loss at INR 291.7 Cr for the quarter ended September 2023. Operating revenue jumped 31% to INR 2,518.6 Cr on the back of strong growth in payments and financial services business.
