VIVO initially became the title sponsor in 2015 after PepsiCo pulled out midway through their five-year deal in the aftermath of the spot-fixing scandal.
The bid, close to Rs 440 crore per season, is at a 267% premium over the base price of Rs 120 crore set by the Board of Control for Cricket in India. Oppo, with Rs 14.3 bn-bid, Motorola, Xaiomi, and Intex were the other bidders.
VIVO bagged the rights for IPL 2018 to 2022 by making an increase of nearly 554% from their previous contract.
Pepsi claimed the rights in 2013, bidding Rs 396 crore for five years.
Vivo's earlier pay-out for the two-year title sponsorship right was Rs 100 crore a year. "In the upcoming five IPL seasons (2018 - 2022), Vivo and IPL will have extensive cooperation in terms of sports events, on-ground activations and marketing campaigns", the BCCI said in a statement.
The sponsorship rights will begin on August 1, 2017 and end on July 31, 2022. "Interested parties can collect the tender documents for the bids between 1 June and 21 June from the BCCI office in Mumbai upon payment of Rs3 lakh", stated the invitation to tender document.
DLF, the first IPL title sponsor, paid Rs 200 crore (Rs 40 crore per year) for the first five years of the tournament. However, after paying Rs 206 crore for first three years, the beverage maker made a decision to end its association with the league when IPL was caught up in the spot-fixing controversy.