Brand Smriti Mandhana: A quiet tide in men's game, but challenges remain

With back-to-back successes, both on and off the field, the Indian women cricket vice-captain is rewriting the endorsement playbook

In just a few months, Indian women cricket has witnessed a spate of historic feats. From winning the maiden International Cricket Council (ICC) World Cup in November to Royal Challengers Bengaluru (RCB) claiming the Women Premier League (WPL) title for the second time in four years, the sport has kept fans glued to their screens. At the centre of both these victories, besides other milestones, is Smriti Mandhana, Indian women cricket team’s vice-captain and RCB’s captain. 

 

After the February 5 WPL win, where Mandhana scored 87 of 41 balls, her record kitty was further boosted. She became the first Indian women cricketer to end the season with the orange cap (highest run-getter), and the first captain from the winning side to win the orange cap across IPL and WPL. She also emerged as the highest run-getter in a WPL final — a record previously held by Indian women's cricket captain,   Harmanpreet Kaur. 

 

On the international front, she was the highest scorer in the women’s One-Day International format in 2025, breaking a 28-year record. She also holds the crown for scoring most international centuries in a year, besides other records. 

 

Like her on-field dominance, Mandhana’s social media presence has skyrocketed, making her one of the best bets for brands. According to marketing platform Qoruz, Mandhana’s Instagram followers have almost doubled in one year, to 15 million — highest among any Indian female athlete – with an engagement rate of 10.17 per cent. Mandhana has gained 358,000 followers in the last 30 days.

 

“She currently endorses 12-15 brands, with a couple more set to be announced – ranging across heath, athleisure, oil, perfumes, insurance, mobiles, and more. There’s no one single category,” says Tuhin Mishra, managing director and cofounder of Baseline Ventures, which manages 29-year-old Mandhana. 

 

Her present endorsement list includes legacy brands such as State Bank of India, Hyundai India, Havells, and PNB MetLife Red Bull. “Her real upside lies in premium, lifestyle, and value-led brands, not just bats, shoes, or energy drinks,” says brand expert Rupesh Kashyap, founder of Fire & Water Consulting.

 

According to financial and risk advisory solutions Kroll, Mandhana’s brand valuation rose to $17.6 million in 2024 after the first WPL win from $10-12 million in 2023. According to industry estimates, back-to-back tournament wins are expected to have boosted it further by 30 to 50 per cent.  

 

Kroll indicates that Mandhana’s endorsement fee is Rs 1.5-2 crore – the highest among her World Cup-winning teammates. Currently, she remains the most expensive player of the WPL, after RCB picked her up for Rs 3.40 crore in 2023. 

 

According to a report by Goodreturns, Mandhana grabbed the second spot among Indian female cricketers in terms of net worth, which is estimated to be around Rs 32-34 crore, just behind former captain Mithali Raj (Rs 40-45 crore). Behind Mandhana is Harmanpreet Kaur, whose net worth is estimated to be Rs 24-26 crore.

   

“Most of Smriti’s associations are long-term deals, given that she has established herself as a strong athlete and a well-rounded personality off-field,” says Mishra, adding that “she has built a reputation for herself as a strong, reliable, confident, urban woman, which most brands associate with.” 

 

Where male athletes dominate 

While Mandhana’s endorsement stars look aligned, India’s brand ecosystem has largely been tilted towards male athletes – majority of them cricketers. Kroll’s 2024 Celebrity Brand Valuation Report reveals a shark contrast: Six male cricketers featured in the top 25 most-valued people that year, with no woman athlete appearing in the list for the last two years. In 2022, badminton star P V Sindhu took the 24th spot, emerging as the only woman athlete on the list.

 

That said, the view is that Mandhana has the skills and the persona to rewrite the brand playbook. 

 

“This is her moment. She represents immense potential as a brand endorser and, while she may not reach the rarefied heights occupied by a handful of male cricketing superstars, she can realistically aspire to become the most valuable woman sportsperson in India in brand terms,” says Samit Sinha, founder and managing partner at Alchemist Brand Consulting. 

 

Kashyap adds that Sindhu’s endorsement dominance largely came through her performance alone, but Mandhana’s edge is emotional scalability. “Her performance has been consistent. She is widely seen as the successor of current captain, Harmanpreet Kaur (36). This further makes her a favourite for brands,” says Sinha, adding that she possesses strong personal appeal and glamour quotient, enabling her to connect with the masses. 

 

Mishra highlights Mandhana’s consistent performance on the international stage for the last 8-9 years, and says that none of the athletes became big brands overnight. Their value grew over a period, with consistent performance and off-field persona. “Smriti has all that, and more. She has the ability to be as big a brand as Virat Kohli, Rohit Sharma and PV Sindhu, and is already on that path.” Kashyap is of the view that looking at Mandhana only as a sports brand endorser would be under-pricing her relevance. “MS Dhoni, Kohli, or Sharma became brands because they stood for something beyond cricket. Mandhana is beginning that journey, not chasing it,” he says.

 

Experts also feel that Mandhana represents a new Indian femininity. “Women athletes don’t need to mimic male sporting icons. They need different cultural scales, and Mandhana fits that shift,” Kashyap adds.

 

The challenges

 

Despite the constant growth of women’s cricket in India and Mandhana’s unbeatable track record, experts believe there are hurdles in her path to becoming one of the biggest names in branding. 

 

Highlighting the unpredictability of sports, Sinha says: “A loss of association with RCB, decline in performance, or absence from the game can definitely lead to some losses.” Brand expert Sandeep Goyal had earlier said that endorsement success hinges on public recognition. A player must cross a minimum threshold in terms of visibility. Experts add that even though things are changing, men’s cricket still grabs more eyeballs. Retired players, including Virendra Sehwag, Yuvraj Singh, Dhoni, Sachin Tendulkar, etc, continue to enjoy high brand value and retention among the masses. 

 

Brand Mandhana, however, seems to be riding this tide well. The view is that even if she doesn’t match the male cricketing stars numerically, she is definitely defining a new category of sporting influence. “Smart brands won’t ask if she is the next Kohli," says Kashyap. "They will ask what kind of India she represents.”