The Prime Volleyball League (PVL) has reached a valuation of about Rs 500 crore ($70 million) after the entry of its tenth franchise, the Goa Guardians, owned by Raju Chekuri, Chairman, President and CEO of NetEnrich. Individual franchises are now estimated at Rs 50–70 crore, according to a league official.
The valuation is based on recent transaction benchmarks and central rights rather than the sum of individual team values. “With the tenth team onboard, the league is now valued at close to Rs 500 crore,” said Tuhin Mishra, co-founder of PVL and Baseline Ventures. “Teams are valued between Rs 50–70 crore depending on performance and sponsorships.”
Mishra said earlier projections of $90 million were “aspirational,” while actual deals were “closer to Rs 400–500 crore.” “Valuations were around Rs 400 crore when the ninth team joined, and they have steadily climbed since,” he added.
Now in its fourth season, PVL has emerged as a stable franchise-based league outside cricket. Its equity ownership model gives franchises a direct stake alongside Baseline Ventures.
“This is India’s first fully independent league where team owners are also league owners,” said PVL chief executive Joy Bhattacharjya. “It is a disciplined model that keeps everyone invested. We have brought in strong owners such as the founders of PhonePe, NetEnrich, the Sanghi Group and the Resolute Group.”
Some franchises are already near breakeven, while others report modest annual losses. “Losses are limited to about Rs 1 crore a year, which is negligible compared to other leagues,” Mishra said.
Sponsorship has been the main revenue driver. “We started with four or five sponsors and now have 10–12,” Mishra said.
Some of the partners that have partnered PVL include RR Kabel, RuPay, Cred, State Bank of India, Indian Oil, Amul, AMFI, Scapia, NTPC and New India Assurance.
“Non-cricket leagues cannot rely on ticket sales,” he said. “Sponsorship revenue is where the opportunity lies, and we have delivered on that.”
PVL has renewed its television partnership with Sony Sports Network and signed a global streaming deal with YouTube. “This season we will be live on Sony Sports Network,” Mishra said, adding that matches will air in English, Hindi, Tamil, Telugu and Malayalam.
“Our focus is reach, not short-term revenue,” he said. “Volleyball is a global sport. At the Olympics, tickets for volleyball sell the fastest. We want to showcase its popularity first.”
Last season, PVL attracted 200 million cumulative TV viewers and logged 300–400% growth in digital engagement, with audiences from the Middle East, US, Latin America and Europe.
The league has also helped revive Indian volleyball. “After a 36-year gap, India reached the Asian Games quarterfinals in 2022, and all 12 players came from Season 1 of PVL,” Mishra said.
In 2024, the Services team, featuring several PVL players, won silver at the 38th World Military Men’s Volleyball Championship 2024. Franchises such as Bangalore Torpedoes (owned by Curefoods founder Ankit Nagori) and Kochi Blue Spikers (Muthoot Pappachan Group) have also launched academies to develop grassroots talent.
“We have gone from a world ranking of 120 to 51,” Mishra said. “The league has played a vital role in lifting the quality of Indian volleyball.”
“Our endgame is Olympic qualification,” Bhattacharjya said. “We genuinely believe India has a realistic chance, and PVL can help make it happen.”
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The valuation is based on recent transaction benchmarks and central rights rather than the sum of individual team values. “With the tenth team onboard, the league is now valued at close to Rs 500 crore,” said Tuhin Mishra, co-founder of PVL and Baseline Ventures. “Teams are valued between Rs 50–70 crore depending on performance and sponsorships.”
Mishra said earlier projections of $90 million were “aspirational,” while actual deals were “closer to Rs 400–500 crore.” “Valuations were around Rs 400 crore when the ninth team joined, and they have steadily climbed since,” he added.
Now in its fourth season, PVL has emerged as a stable franchise-based league outside cricket. Its equity ownership model gives franchises a direct stake alongside Baseline Ventures.
“This is India’s first fully independent league where team owners are also league owners,” said PVL chief executive Joy Bhattacharjya. “It is a disciplined model that keeps everyone invested. We have brought in strong owners such as the founders of PhonePe, NetEnrich, the Sanghi Group and the Resolute Group.”
Some franchises are already near breakeven, while others report modest annual losses. “Losses are limited to about Rs 1 crore a year, which is negligible compared to other leagues,” Mishra said.
Sponsorship has been the main revenue driver. “We started with four or five sponsors and now have 10–12,” Mishra said.
Some of the partners that have partnered PVL include RR Kabel, RuPay, Cred, State Bank of India, Indian Oil, Amul, AMFI, Scapia, NTPC and New India Assurance.
“Non-cricket leagues cannot rely on ticket sales,” he said. “Sponsorship revenue is where the opportunity lies, and we have delivered on that.”
PVL has renewed its television partnership with Sony Sports Network and signed a global streaming deal with YouTube. “This season we will be live on Sony Sports Network,” Mishra said, adding that matches will air in English, Hindi, Tamil, Telugu and Malayalam.
“Our focus is reach, not short-term revenue,” he said. “Volleyball is a global sport. At the Olympics, tickets for volleyball sell the fastest. We want to showcase its popularity first.”
Last season, PVL attracted 200 million cumulative TV viewers and logged 300–400% growth in digital engagement, with audiences from the Middle East, US, Latin America and Europe.
The league has also helped revive Indian volleyball. “After a 36-year gap, India reached the Asian Games quarterfinals in 2022, and all 12 players came from Season 1 of PVL,” Mishra said.
In 2024, the Services team, featuring several PVL players, won silver at the 38th World Military Men’s Volleyball Championship 2024. Franchises such as Bangalore Torpedoes (owned by Curefoods founder Ankit Nagori) and Kochi Blue Spikers (Muthoot Pappachan Group) have also launched academies to develop grassroots talent.
“We have gone from a world ranking of 120 to 51,” Mishra said. “The league has played a vital role in lifting the quality of Indian volleyball.”
“Our endgame is Olympic qualification,” Bhattacharjya said. “We genuinely believe India has a realistic chance, and PVL can help make it happen.”
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