India won the World Cup. Will that help our women in sport?

For those managing India’s star women cricketers, the phones haven’t stopped ringing. JioHotstar, which streamed the final match, claimed 185 million cumulative viewers, equalling the viewership of last year’s Men’s T20 World Cup final. Brands are flocking to the Women in Blue, deals are being struck and, according to talent managers, some members of the winning squad have hiked their endorsement fees by 80-100%.

In the spotlight are star performers like Smriti Mandhana, Harmanpreet Kaur, Jemimah Rodrigues, Richa Ghosh, Shafali Verma and Radha Yadav. Kaur has already signed a deal with real estate developer Omaxe. Surf Excel has launched an emotional tribute to Jemimah Rodrigues’s 127 not out in the semifinal against Australia. More deals are on the way. However, the question remains: Is the excitement for women brand ambassadors in sports here to stay? Or will it die down once the dust settles on the DY Patil Stadium?

Talent managers expressed scepticism, given Indian women players’ struggle with brand endorsements, especially outside cricket. Much depends on how frequently women’s cricket is played, how many viewers return to watch, and how well non-cricket sports is beamed across the subcontinent. For Team India’s historic victory to leave a lasting influence on the business of brands, many stars still need to align.

Brands arrive

“The moment Sunday evening happened, we were all prepared,” said Divyanshu Singh, chief executive officer (CEO) of JSW Sports. “Thanks to our experience with the Olympics and managing [wrestler] Sakshi Malik, we knew our phones were going to ring off the hook. “When you are representing non-cricket athletes and women, most of the time you are selling to the brands.”

For the first time, the roles have reversed, with brands reaching out to talent managers rather than the other way around.

“Smriti (Mandhana) was our first cricket signing way back in 2017,” said Tuhin Mishra, managing director and co-founder of Baseline Ventures, a talent management firm. “It has not been a walk in the park—these athletes have to be sold to the brands; it is not as if the brands come to us. Only if you are managing someone like a Virat (Kohli) or a (M.S.) Dhoni will people come to you on their own.”

The data bears it out. Global media network GroupM said in a May report that India’s sports sponsorship market crossed ₹16,600 crore in 2024. However, more than 85% of that went to cricket—primarily male cricketers—in the form of endorsements. Women cricketers did not figure in GroupM’s Sporting Nation list; women in non-cricket sports were barely there.

Talent managers and brands will be watching whether the viewers who tuned in on 2 November will return when other events like the Women’s Premier League unfold.

“When we go to brands, we have to demonstrate that people are watching women’s cricket consistently,” said Mishra of Base Ventures. “Obviously, the biggest player in the world (in this category) right now is Smriti Mandhana. Now, there are brands which will come and try to ride on this hoopla. It may be right or wrong; these are transactional relationships after all. But brands which come to stars like Smriti with a long-term vision and objective are the ones who will benefit. One can look at athletes like the stock market—you need to be invested for a long time, not just do one quick digital campaign.”

Baseline Ventures has secured several long-term contracts of three to five years each for Mandhana from marquee brands, including Hyundai Motor and State Bank of India (SBI). Former India captain Dhoni is also a brand ambassador for SBI.

“Smriti Mandhana and Jemimah Rodrigues have been brand ambassadors for Hyundai even before this historic triumph,” said Tarun Garg, wholetime director and chief operating officer at Hyundai Motor India Ltd. The company has always believed in promoting the idea of inclusivity, and will continue to strive to be a part of this story, Garg said.

Tata Motors, the country’s third largest carmaker, said it will present the winning squad with the first lot of its soon-to-be-launched Tata Sierra. “The Indian Women’s Cricket Team has made the entire nation proud with their extraordinary performance and remarkable win,” Shailesh Chandra, MD and CEO of Tata Motor Passenger Vehicles said. “Their journey stands as a true testament to determination and the power of belief, qualities that inspire every Indian.”

However, JSW’s Singh says it’s important to balance long-term contracts with quick collaborations when something historic happens. “The sad thing is that in the Indian market, we have a short-term memory,” he said. “We are driven by hype and buzz even in cricket, the most popular sport in the country.”

Beyond cricket

While the winning squad is on a dream run, things have remained challenging for sports other than cricket. Much of it comes down to a simple fact: women’s sports are just not broadcast widely enough.

“Men’s cricket has dominated India’s sports economy,” said Umakanta Panigrahi, managing director of valuation advisory services at Kroll, a risk and advisory firm. “If you are a brand wanting instant reach, you know where the money will go. Women athletes got very limited visibility, and most of them were symbolic in nature.”

No female athlete features in Kroll’s list of top Indian celebrities by brand value this year, although badminton star P.V. Sindhu has been in the list several times over the years. India’s top paid women tend to be actors and entertainers. However, Panigrahi added that Sindhu continues to command $22 million as of 2024, but with the recent world cup win, Kaur, Madhana and Verma are also likely to see big jumps in their brand values.

Ultimately, women’s sports need to be seen as a sustained brand opportunity. For that, women’s cricket needs a busier calendar and wider storytelling. Plus, non-cricket sports where Indian women shine need more investment and broadcasting opportunities to fuel their fame and spark inspiration. In recent years, India’s women wrestlers and boxers such as the Phogat sisters, Sakshi Malik and M.C. Mary Kom have become part of the national imagination. But the momentum did not sustain, and brands dialled back after the hype of the initial wins died down.

In contrast, investors are pouring money into women’s sports across the world. A Deloitte report in March said women’s elite sports will reach $2.35 billion in value worldwide this year, led by basketball and football in the US and Europe.

“Elite women athletes like Coco Gauff, Simone Biles and Eileen Gu earn significant income through sponsorships. While women’s sports are still growing in terms of attendance and viewership, it’s only natural that sponsorship levels are evolving too—except in global events like the Olympics or a few elite leagues,” Zia Patel, brand strategy director at creative consulting firm Ochre said. “The Lululemon-NFL (National Football League in the US) partnership serves both men and women, but it has placed notable emphasis towards women in terms of advertising, product and positioning. I’m hopeful that international brands will soon sponsor Indian Cricket team too. When that happens, Indian brands will follow suit quickly,” Patel said.

Meanwhile, India’s sports landscape, like much else, remains a male bastion, and led by cricket. For India’s women sports stars to command wider fame and greater brand value, the journey is still long.

(With inputs from Ayaan Kartik)