Formula E delivers $84m boost to Hyderabad's economy

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Formula E delivers $84m boost to Hyderabad's economy

Formula E’s first-ever race in India, the 2023 Greenko Hyderabad E-Prix, hosted in collaboration with the Government of Telangana and Ace Nxt Gen, delivered an economic impact of nearly $84 million according to an independent report published today.

Hyderabad podium

The economic study conducted by Nielsen Sports Analysis calculated an $83.7 million uplift to the Hyderabad economy as a result of the ABB FIA Formula E World Championship’s debut race in India on Saturday, 11 February.

More than 31,000 people attended or supported the sold-out race event, with the majority (59%) coming from outside of Hyderabad and generating significant inward investment into the local economy. Key highlights of the study include:

  • $83.7 million in direct, indirect and induced impact from spending in the Hyderabad region for the 2023 Greenko Hyderabad E-Prix.
  • $4.8 million generated from events and activations by teams, championship sponsors ABB and DHL, local race partners such as Greenko Group and Jio as well as associations with the Hyderabad E-Mobility Week, organised by the Government of Telangana.
  • $4 million spent on hotels and accommodation in the area.
  • $3.5 million created in media value across TV, online, print and social media.
  • $1.8 million spent in local restaurants on food and beverage.

Formula E’s only double champion, Jean-Eric Vergne, won the highly competitive race, watched live in more than 150 countries around the world and attended by a host of dignitaries, Bollywood celebrities and sports stars.

Hyderabad start

"The first Formula E race in India delivered thrilling entertainment for attending fans and viewers tuning in around the world while making a hugely positive impact on Hyderabad’s local and regional economy," said Alberto Longo, Co-Founder & Chief Championship Officer, Formula E.

"My team at Formula E is working incredibly hard to secure the commitments necessary that would enable us to return next season and deliver an even bigger event, with greater economic impact. I’m hopeful this will happen and we will race in Hyderabad in early 2024. Stay tuned.”

Formula E delivered huge economic impact in Hyderabad as the first major international sports event in the city, with the likes of WWE - the global sports enterainment property - aiming to follow that success with its Superstar Spectacle this year.