Indian badminton star P V Sindhu is set to announce her first corporate endorsement soon while experts estimate that her brand value has now surged by almost ten times to Rs 2 crore.
Ramakrishnan R, co-founder and director of Baseline Ventures which manages Sindhu’s brand marketing, said they may announce the corporate endorsements -- the first for the shuttler -- during the second week of September.
He said that though the endorsements were signed before the Olympics, they did not want to announce them due to hectic schedule of the city-based badminton player for the event.
“They are major endorsements at national level. There have been couple of brands signed before the Olympics. We could not announce them because of the preparation by Sindhu.
We did not want her to promote more before the Olympics. We may be announcing them during the second week of September,” Ramakrishnan said.
Sindhu became the first Indian woman sportsperson to grab an Olympic silver at the just-concluded Games when she lost the final clash to World No 1 Carolina Marin of Spain. “We are pouring with requests for endorsements by Sindhu. That is not what we think would be credible and grand association. We want to last long. Building a brand takes years. So, want to start slowly and add value to Sindhu which is very important.
And also Sindhu is excited to work with us. Our intention is that the brand valuation of Sindhu goes up,” he further said.
Harish Bijoor, an expert in brand and business strategy, said post Olympics Sindhu’s brand value has gone up to Rs 2 crore which was fueled by cash awards given by various state governments.
“Two or three things have happened. Post Olympics. One is the cash awards she got from various state governments. Now all these add to the dimension of brand value of Sindhu.
Because the moment a state government gives you Rs 5 crore, it means that the brand value goes much higher. “There are people (governments) may be looking at Sindhu offering monies which are substantially larger. So all of a sudden Sindhu’s brand value jumps to Rs 2 crore (post Olympics) from under Rs 20 lakh to Rs 30 lakh,” Bijoor said.
Soon after her silver medal at the Olympics, the Telangana Government felicitated Sindhu with Rs 5 crore cash reward, a residential plot in Hyderabad, while the Andhra government presented her a cash award worth Rs 3 crore.
The Aam Aadmi Party government in Delhi has also announced Rs 2 crore for the star badminton player, while public sector oil company BPCL has announced Rs 75 lakh cash.
Various organisations have also announced different cash incentives to the player.
Bijoor further said unlike other sporting events, a medal in the Olympics remains fresh in people’s memory for more time and Sindhu will enjoy her brand image at the current levels till then.