From Rs 23.75 crore to Rs 7 crore: Venkatesh Iyer takes 70% pay cut, joins RCB

India all-rounder Venkatesh Iyer experienced a dramatic swing in fortunes at the IPL 2026 auction on Tuesday as Royal Challengers Bengaluru outbid Kolkata Knight Riders in a fierce contest to secure his services.

Iyer, who had commanded a massive Rs 23.75 crore at last year’s mega auction in Jeddah, was bought for Rs 7 crore this time around, amounting to a sharp 71 per cent pay cut.The bidding for the Madhya Pradesh all-rounder began cautiously. For a brief moment, there was genuine suspense in the auction room as Iyer attracted no immediate interest, raising the possibility of him going unsold. Lucknow Super Giants eventually broke the deadlock by raising the paddle, with Gujarat Titans briefly joining the race.

However, both franchises soon withdrew as Royal Challengers Bengaluru and Kolkata Knight Riders stepped in, turning the proceedings into a high-profile duel.

KKR, Iyer’s former franchise, showed strong intent to bring him back, but RCB held their nerve and eventually won the battle, snapping up the all-rounder for Rs 7 crore. The move adds another versatile option to the defending champions’ squad ahead of the new season.

Earlier in the day, Iyer had underlined his value with a timely knock in domestic cricket. Representing Madhya Pradesh in the Syed Mushtaq Ali Trophy, he struck a fluent 43-ball 70 against Punjab, reminding franchises of his power-hitting credentials. His outing with the ball, however, was less impressive, as he conceded 12 runs in the only over he bowled.Iyer’s overall IPL record remains solid. He has scored 1,468 runs in 56 innings at an average of 29.12, with a strike rate north of 137, including one century and 12 half-centuries.

His previous stint with KKR in IPL 2025 proved disappointing, yielding just 142 runs in seven innings despite the hefty price tag.Across all T20s, Iyer has amassed 3,179 runs in 144 matches at an average of 34.18 and a strike rate of 138.63, while also contributing 55 wickets. In the ongoing SMAT 2025/26 season, he has scored 211 runs in 11 matches, including two fifties, underlining his all-round utility ahead of the IPL.