franchise for $120,000 in the July 22 auction.
"India has grown in badminton and it shows in our recent performances. Days are not far when we can win five-six medals in Olympics, like China," added the world number four.
Danish doubles specialist Mathias Boe, who will represent Lucknow, said the league's long-term success would depend on how the inaugural edition goes.
"The money is quite big for many players but not for all top shuttlers," said the London Olympic silver medallist.
"But money is not everything. Hopefully the stadium is packed. It gives a better atmosphere when the television viewers are watching and it's not an empty stadium, but a packed one and people are going nuts.
"If it's a success, sponsors will pay more. It's a natural thing. I'm not so concerned about money right now. It just needs to be a big success, the first year, here."
Nehwal said Indian players had to keep producing on the big stage to ensure the tournament is a success.
"The IBL is happening in a big way only because Indian players are producing good performances in tournaments across the world," said the 23-year-old.
"If we continue to perform, the league will grow. You need to perform consistently. Only then the league would be a success."