Indian Cricket Jersey Sponsor: BCCI Official Said- ‘Byjus Wants To Leave Team India’s Jersey Sponsorship’. Byju is trying to get out of its jersey sponsorship deal with the Board of Control for Cricket in India (BCCI).
Byju has written to the board:-
A top BCCI official has confirmed that Byju’s has written to the board that ‘they want to exit the jersey sponsorship.’ The board may allow them to exit, provided all liaison obligations are met. be taken care of.
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In fact, the official said, “Yes, they have written to us that they want to opt-out of jersey sponsorship.
The issue will be discussed in the Apex Council meeting. They need to comply and exit all contractual obligations.”
Byju’s had surprisingly extended its deal with the BCCI till the end of 2023 for $55 million. Now the beleaguered edtech company wants to exit by March 2023.
Paying about 10% more than:-
At the same time, its original deal with BCCI expired in March 2022. As per the new deal between BCCI and Byju’s, the edtech major is paying around 10% more than what Oppo was paying on a per-match basis.
Also, the Byju Raveendran-led unicorn is looking to cut costs aggressively with demand for edtech services slowing down after two consecutive years of hypergrowth.
However, ET recently reported, quoting sources, that the edtech company is working towards rationalizing its media spend.
The company can continue as a sponsor till March 2023. A source close to the development told ET, “Byju is looking to exit the sponsorship deal with BCCI as it looks to optimize its media spend in India.”
Byju’s reported a loss of Rs 4,588 crore, a 17-fold jump in FY21. Revenue grew by 4% to ₹2280 crore. The company’s advertising and promotion expenditure increased by 150% to ₹2,251 crore from ₹899 crore.
Fired more than 2,500 employees from other operations
In June and October this year, Byju’s laid off over 2,500 employees from Topper, WhiteHat Junior and other Byju’s operations.
In October, tech startup Byju’s officially announced layoffs of 5 percent of its 50,000 employees across departments.
The unicorn tech startup is planning to lay off 2,500 employees in the coming six months as part of a plan to optimize the company’s spending and operating costs across departments including product, content, media and technology.
Byju’s has already started the process of layoffs and has even asked the employees who are being laid off to be given a notice period of 15 days.
After this decision, Byju’s founder and CEO Byju Raveendran has apologized to all the fired employees by sending an email to all the employees.
Extended its partnership with BCCI
It is worth noting that over the years Byju’s has emerged as one of the biggest cricket sponsors.
Indian team jersey sponsor: The company extended its partnership with the BCCI to sponsor the Indian team jersey this year.
They are paying BCCI $55 million for the partnership till 2023 World Cup in India.
ICC Global Partner: The tech company is also the Global Sponsor of ICC. According to the information received, the deal is worth Rs 120-130 crore and will run till the 2023 World Cup in India.
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FIFA Sponsorship 2022: The edtech giant also has a sponsorship tie-up with the ongoing FIFA World Cup Qatar 2022. The company is reportedly paying $40MN for the deal.
