The league has made a huge impression in India.
"It is the the biggest spectacle in the country today. It is like a blockbuster Bollywood film stretched over some 50 days," said Tuhin Mishra, managing director of sports marketing agency Baseline Ventures, which recently bagged the account of IPL team Chennai Super Kings.
The franchise was returning to the tournament after a two-year ban following a cricket corruption scandal, but Mishra got them six sponsorship deals without difficulty.
"Working with an IPL team is an honor and it is lucrative — in one month you do business worth six months," Mishra told CNBC.
Hemant Dua, the CEO of IPL team the Delhi Daredevils, said, "IPL continues to be a robust product and even though we have been whipped around as the bad boys of cricket, the IPL has a huge economic impact."
Aside from providing direct employment to players and coaches, the league gives a boost to a lot of ancillary industries like travel and logistics.
"In one season our (Delhi Daredevils') direct and indirect economic impact will be $24 million," Dua told CNBC.
In fact, in less than two months, the 2015 tournament contributed $182 million to India's GDP, according to a study conducted by KPMG Sports Advisory Group for Indian cricket's governing body.
Today, given the rise in media rights and sponsorship costs, player and coach salaries and the public's engagement through IPL-specific gaming apps and merchandising, the 2018 numbers could be significantly higher, experts said.